The precious yellow metal edged lower Thursday as the US Dollar (DXY) extended its rebound, having carved a short-term bottom at 96.00 and rebounding to 96.75 following a stronger-than-expected June jobs report.
The Bureau of Labour Statistics reported 147,000 new jobs, beating the 111,000 forecasts, with May’s figure revised up to 144,000. The unemployment rate dipped to 4.1% from 4.2%.
With the US labour market remaining firm and tariff-driven inflation risks persisting, the Fed’s cautious stance appears warranted.
While markets still anticipate two rate cuts later in 2025, the solid data has largely ruled out a cut in July—an outcome unlikely to please President Trump, who once again called for Fed Chair Jerome Powell’s resignation amid a push for a congressional probe.
With the July 9 tariff deadline approaching and liquidity expected to thin ahead of the long weekend, market volatility is anticipated to increase.
Technically, the RSI is mixed. The MACD signals a bearish trend but lacks strong conviction, requiring further monitoring. The ADX indicates a ranging market.
With the downside rejection restoring a bullish tilt, traders should closely watch the current setup—bargain hunters may drive momentum beyond the $3,373–78 zone, with reassessment warranted if that level is reached.
Daily Chart Spot Gold
