Gold Price News: Upward trend continues despite resistance at 2,670 USD

On October 2, 2024, the gold market is once again performing robustly. At the opening of the trading day, gold was trading at USD 2,670 per troy ounce, which underwent several corrections during the day and finally closed at around USD 2,660 per troy ounce. This movement is influenced by the resistance at this level and the wait-and-see attitude of market participants due to new US labor market data. Furthermore, current developments in the international markets continue to strengthen demand for gold as a stable asset, with both central bank decisions and geopolitical risks determining the market situation.

The gold price continues to be strongly supported by geopolitical uncertainties such as the recent escalations in the Middle East. Tensions between Israel and Lebanon have further increased demand for gold as a crisis hedge. In this context, gold is showing resilience and remains stable above the USD 2,650 per troy ounce mark.

Monetary policy developments in the US are also playing a crucial role. Jerome Powell, Chairman of the Federal Reserve, recently commented on future interest rate cuts and explained that these should be made in smaller steps. This statement continues to strongly support the gold price, as it increases the likelihood of a weaker US dollar. At the same time, the US labor market remains robust, which could increase the pressure on gold in the short term.

Another important indicator for today's movements in the gold price is the aforementioned publication of the ADP labor market figures in the US, which could have a decisive influence on future monetary policy. Positive or negative deviations could trigger short-term volatility in the markets, which is also likely to affect the gold price.

Current technical indicators signal a possible consolidation of the gold price below the USD 2,670 per troy ounce mark. However, if the price breaks through this resistance, a further increase to USD 2,700 per troy ounce could follow, which is currently considered an essential psychological target. The Relative Strength Index (RSI) is currently at 64, indicating overbought market conditions. Nevertheless, there is potential for short-term gains before a possible consolidation sets in.

However, a drop in the gold price below the support level of USD 2,630 per troy ounce could also lead to further losses. Market observers expect the upcoming US labor market data to have a significant impact on price developments, especially if it exceeds expectations and strengthens the US dollar.

Investors should watch the gold market closely, as the market could become volatile, particularly in view of upcoming economic data and geopolitical events. A break above the USD 2,670 per ounce mark would further support the long-term bull market, while a consolidation below USD 2,623 per ounce could indicate a short-term correction. Analysts continue to see a positive long-term trend for gold, which is supported by inflation-related uncertainties and rising demand for stable stores of value.