If the US non-farm payrolls data for September, will be released later tonight, falls short of the expected 90,000, this crucial employment market data result should reinforce the hopes of interest rate-sensitive investors that the Federal Reserve may maintain its current interest rate policy at its October meeting. Thus, stimulating their willingness to take risks and buy gold at lower levels.

Furthermore, if US crude oil prices do not rebound rapidly above $95 per barrel in the short term, market participants will increase their hopes that the Fed will not need to aggressively raise interest rates to curb inflation. This oil price factor will also provide impetus for gold prices.

Gold prices may fluctuate between $4,144 and $4,233 in the short term. Pay close attention to the lower end of this range for potential buying opportunities, as there is room for a short-term rebound. $4,124 can serve as an important price support level; be sure to manage risk accordingly.

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

Gold price chart (1 hour):

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com