Gold is ready for NFP!

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Gold (XAU/USD) has shown resilience, bouncing back to around $2,640 per ounce after hitting a daily low of $2,638 on Thursday. This recovery was fueled by growing concerns over a potential conflict between Israel and Iran, as well as a stronger US Dollar. On the fundamental side, gold remains influenced by expectations surrounding the Federal Reserve's (Fed) monetary policy. Last week, the market predicted with over 60% probability a 50 basis point rate cut by November. However, stronger-than-expected US labor market data have reduced these expectations to 35%, boosting the US Dollar and applying bearish pressure on gold, which tends to lose appeal as the dollar strengthens.

Technically, gold is in a phase of uncertainty. A break above $2,673, the weekly high, could signal a resumption of the uptrend, with a potential target of $2,700. Conversely, a break below $2,625 could lead to a test of support at $2,600. In the medium to long term, gold maintains a general bullish trend, supported by its traditional role as a safe-haven asset and the global low-interest rate environment.