Gold has consolidated near all-time highs at $2,685 amid a tug-of-war between bullish and bearish market sentiments, influenced by Fed rate cuts and geopolitical tensions.
Bulls hesitate to increase positions due to fears over a hot nonfarm payrolls report and Powell's cautious approach towards further easing, justifying the current market consolidation.
A sudden escalation in geopolitical tensions or a sharp decline in US hiring could push gold towards the $2,700 mark, heightening market volatility significantly.
Analyzing future trends, a jobs report indicating fewer job creations could bolster gold prices, while a stable employment scenario may weaken market responsiveness.
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