Gold holds gains above $4,150 as traders trim bets on Fed rate hikes - Mitrade

AI desk brief

Gold holds near $4,160/oz in early Asia after weaker-than-expected US NFP data (29K vs 90K expected) knocked the USD and slashed odds of a Fed hike this month to 22.1% from about 70% earlier in the week. UOB says spot gold was capped by elevated real yields and notes the metal reversed an intraday high near $4,219 to close 0.6% lower at $4,157, with the market still sensitive to rates, real yields and dollar direction.

Near term, XAU/USD remains technically bearish while below the 100-day SMA/Bollinger midline at $4,275, with immediate support at $4,102.30; a break there would expose a deeper correction. Geopolitical risk from US-Iran tensions and firmer oil prices adds an inflationary bid, but the macro backdrop is still mixed as hawkish Fed messaging and sticky real yields offset the softer payrolls print.