Gold extended its upward trajectory, trading at $2,670, its highest level since mid-December. Despite a modest retreat during the subdued American session,

Gold Stock Corp: Gold Hovers Around $2,670 with Bullish Momentum Date: 10-02-2025 Gold extended its upward trajectory, trading at $2,670, its highest level since mid-December. Despite a modest retreat during the subdued American session, the precious metal maintains a bullish outlook. U.S. markets were closed due to a National Day of Mourning, resulting in thin trading volumes. Technical Analysis The bullish potential for XAU/USD continues to strengthen as the pair records a higher high and a higher low for the third consecutive day. Gold is trading above all its key moving averages, further solidifying its bullish stance. The 20 Simple Moving Average (SMA) is steady at around $2,638, providing a key short-term support level. The 100 SMA, advancing with a bullish slope, converges from below, reinforcing positive momentum. Technical indicators point firmly north in positive zones, signaling a continued upward trend. On the 4-hour chart, XAU/USD maintains its position above all moving averages, with a rising 20 SMA extending beyond the longer averages. The 200 SMA remains flat at $2,645.98, offering additional support. Momentum indicators reflect further strength, while the Relative Strength Index (RSI) remains just below overbought levels, hinting at more room for gains without immediate correction risks. Key Levels to Monitor: Support: $2,664.10, $2,645.90, $2,632.70 Resistance: $2,678.20, $2,692.15, $2,726 Fundamental Overview Spot Gold climbed for the third consecutive day, reaching $2,678.16 during European trading hours before consolidating near $2,670. Despite a thin U.S. session due to the holiday, safe-haven assets, including gold, remain in demand amidst cautious speculative interest. The yellow metal is inching closer to its record high of $2,726. On the data front, December’s Challenger Job Cuts report highlighted a 33% reduction in job cuts compared to November, signaling continued strength in the U.S. labor market. Employers announced 38,792 job cuts, a notable decline from the previous month's 57,727. These numbers are a precursor to the much-anticipated Nonfarm Payrolls (NFP) report, expected to show 160,000 new positions in December, with the unemployment rate holding steady at 4.2%. If these forecasts materialize, it could support the Federal Reserve’s recent hawkish stance ahead of their January meeting. Strong labor market data would reinforce the Fed’s ability to maintain its tighter monetary policy, potentially adding upward pressure on safe-haven assets like gold. Market Implications Gold’s strong performance reflects growing market confidence in its safe-haven appeal amid geopolitical uncertainty and economic data releases. Traders and investors should closely watch the upcoming NFP report and Federal Reserve commentary, which may serve as key drivers for gold’s next move. A sustained breakout above $2,678 could pave the way for a test of record highs in the $2,726 zone.