The latest US non-farm payrolls data for October showed a significantly higher figure of 165,000, far exceeding the expected 65,000. The previous figure was also revised upwards from 29,000 to 60,000. This favorable job market condition should increase investors’ assumptions that the Federal Reserve has a basis for raising interest rates. Therefore, dragged down by the upward outlook for interest rates, investors’ risk-averse appetite for gold should be suppressed in the short term. Gold prices may need to repeatedly test the support level of $4,016 before a more robust rebound can occur.

Gold prices may fluctuate between $4,016 and $4,144 in the short term. Pay close attention to buying opportunities at the lower end of this range. There is potential for a short-term upward rebound. $3,996 can be considered an important defensive level; appropriate risk management is essential.

*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