Technical analysis by DavidMarsh about Symbol PAXG: Buy recommendation (1/7/2024)

Gold remains rangebound as the US Jobs Report nears. An escalation of geopolitical risks will underpin gold’s haven status The monthly US Jobs Report hits the screens today at 13.30 UK with expectations of a further hiring slowdown in nonfarm payrolls. The survey, representing around 486k individual worksites provides detailed data on employment, hours, and earnings. Today’s survey is expected to show 150k new jobs added in December, while the unemployment rate is seen ticking 0.1% higher to 3.8%. The Federal Reserve actively monitors labor market conditions and today’s report will be closely watched as the US central bank mulls the timing of the first interest rate cut this year.