Here is the XAUUSD news update for today, December 7, 2023. Gold prices (XAU/USD) are stagnant on Thursday, moving within the range of the last three days ahead of the European session. Although it struggles to attract attention, the negative impact is limited due to global interest rate expectations having peaked. The dovish statements from the European Central Bank (ECB) and the stable interest rate decisions by the Reserve Bank of Australia (RBA) and the Bank of Canada (BoC) support gold.
 
Market sentiment anticipates a change in Federal Reserve policy soon. U.S. data, including the weak Job Openings and Labor Turnover Survey (JOLTS) report, indicates a slowdown in the U.S. labor market, raising concerns about the global economy and supporting gold as a safe haven.
 
Nonetheless, the strengthening U.S. dollar limits the rise of XAU/USD. Traders are cautious ahead of the Nonfarm Payrolls (NFP) report, which could influence Fed policy. Initial U.S. Jobless Claims data on Thursday serves as a reference, while bullish traders view any dips as buying opportunities. The fundamentals support an optimistic outlook, indicating further upside potential.
 
Daily Market Movers Summary:
  1. Gold prices have been directionless in recent days.
  2. U.S. employment data this week reinforces the belief that the Federal Reserve has finished raising interest rates, supporting gold prices.
  3. The JOLTS report from the Labor Department on Tuesday showed job openings falling to a 2.5-year low in October, indicating the impact of interest rates on worker demand.
  4. The ADP report indicated a weakening labor market, with private payrolls increasing by 103,000 in November.
  5. Market forecasts suggest a possible interest rate cut in March, lowering U.S. bond yields and supporting XAU/USD.
  6. China's trade balance data showed an unexpected decline in imports in November, raising recession concerns in China.
  7. Israel launched attacks against Palestinian groups in Gaza, escalating tensions in the region.
  8. The strong U.S. dollar keeps traders from taking bullish bets on gold ahead of the U.S. NFP report.
  9. The U.S. employment report will influence the Fed's short-term policy and USD demand.
  10. Traders are awaiting Initial Jobless Claims data as an indicator for the recent week.

Technical Analysis:
Gold prices continue to consolidate, with bullish potential remaining strong.
 
From a technical perspective, the weekly swing low around $2,010-2,009, along with horizontal resistance, protects declines near $2,000. A break below this level could extend the retracement to $1,977-1,976 and potentially reach the 200-day Simple Moving Average (SMA) around $1,950.
 
On the upside, the upper limit of the multi-day trading range around $2,035-2,038 serves as a barrier, followed by resistance at $2,045. If surpassed, gold prices could target $2,071-2,072 and then $2,100. A golden cross of the 50-day SMA above the 200-day SMA suggests buyers may test the record high of $2,144-2,145.
 
Warning!
 
That concludes the explanation of “XAUUSD Today: December 7, 2023 - Gold Buyers Take a Break! Latest NFP Data.” This analysis is based on fundamental and technical insights from reliable sources and should not be considered as advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research on other forex information as a reference for your trading.
 
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