Whether the US Federal Reserve will maintain its current interest rate or raise it again at its final policy meeting of the year next month remains uncertain, as there are still many data releases reflecting inflation, the job market, and the economy to help market participants assess whether the Fed has the conditions for another rate hike.

If the latest October non-farm payroll data released later tonight is higher than the expected 65,000, and the previous figure of 29,000 is revised upwards, this positive job market situation should increase the likelihood of the Fed raising interest rates. Therefore, if tonight’s non-farm payroll data is higher than expected and the previous figure is also higher, concerns about rising interest rates will resurface, and this should increase downward pressure on gold prices.

Gold prices may fluctuate between $4,041 and $4,142 in the short term. Pay close attention to buying opportunities at the lower end of this range. There is potential for short-term upward movement, and $4,021 can be considered an important price support level. Be sure to manage your risk accordingly.

*Risk Warning: This article is for market analysis purposes only. Price ranges and levels mentioned are for market observation and reference only and do not constitute any investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst

Success Financial Group

Email: ferris.kwok@successfn.com