TD Securities forecasts gold to rise toward $4,280 as softer jobs data reduces near-term Fed rate hike risks.
Gold prices surged past $4,100 per ounce as weaker U.S. jobs data and declining oil prices eased expectations for Federal Reserve rate hikes. The shift in policy outlook has bolstered investor confidence in the precious metal’s near-term prospects.
Analysts noted support near $3,900 held firm, with resistance levels at $4,050 and $4,126 breached. The bank projects gold will trend toward $4,280 in the coming weeks, though lingering inflation risks may delay a push to $5,300 until next year.
The softer economic data has reduced urgency for further rate increases, though persistent inflationary pressures remain a key risk. Market focus now shifts to upcoming inflation reports for further direction.