#GoldTechnical analysis.#24K99 News On Friday (January 10), in the early European market, spot Gold maintained its intraday upward trend, with the current gold price at 2680 USD/ounce. FXStreet Senior Analyst Dhwani Mehta wrote an article on Friday, concerning the gold price.intraday tradingAnalysis.

Mehta stated that Gold traders are eagerly awaiting the USA.Non-farm Employment Data, to place new bets.

On Friday at 21:30 Beijing time, the USA will release the non-farm payroll report for December. Authoritative media surveys indicate that in December of last year,Non-farm employmentIt will increase by 0.16 million people, while in November it rose sharply by 0.227 million people.

the survey also shows that the unemployment rate in the USA is expected to remain at 4.2% in December. Average hourly wages in the USA are expected to rise by 0.3% month-on-month in December, down from a 0.4% increase in November. The annual growth rate of wages may remain at 4%.

Mehta pointed out that weaker-than-expected non-farm payroll data may reignite expectations for significant interest rate cuts by the Federal Reserve, leading to a sharp pullback in the US dollar while adding additional support to the ongoing upward trend in Gold prices. Conversely, if non-farm payroll data and wage inflation data unexpectedly rise, this could heighten the Federal Reserve's hawkish bets, posing a threat to Gold prices.

In addition, before the release of the USA Consumer Price Index (CPI) next week, the market may also see profit-taking from Gold bulls. However, speculation surrounding Trump's policies may continue to drive the market, becoming a major driver of Gold prices heading into the weekend.

How to trade gold?

Mehta pointed out that the daily chart shows a 14-day.Relative Strength Index(RSI) stabilized above the middle line, currently close to 57.50, confirming the rationale for the continuous rise in Gold prices. Moreover, Gold prices closed above the static resistance level of $2665 per ounce on Thursday.

However, buyers may remain cautious as the 21-day Simple Moving Average (SMA) crossed below the 100-day Moving Average from above at Thursday's close, confirming a bearish crossover.

In the case of conflicting Technical Indicators on the daily chart, the USA non-farm employment report may pave the way for the next direction of Gold prices.

Mehta indicated that if the USA non-farm employment data falls short of expectations, Gold prices could continue to rise and challenge the high of $2693 per ounce from December 13 of last year.

After that, the next hurdle for Gold prices is at $2700 per ounce and the high of $2726 per ounce from December 12 of last year.

(Spot gold daily chart source: FXStreet)

Mehta added that another scenario is that strong employment data might revive Gold sellers, causing the price of Gold to drop towards the 50-day moving average level of $2,643 per ounce; if this level is breached, the convergence of the 21-day moving average and the 100-day moving average at $2,633 per ounce will be tested. The bottom line for Gold buyers is the January 6 low of $2,615 per ounce.

As of 16:24 Beijing time, spot Gold is quoted at $2,680.10 per ounce.