Gold has surged past $4,100 per ounce following softer-than-expected US employment figures and diminishing market expectations for Federal Reserve rate increases in 2026. TD Securities commodity strategist Bart Melek reports the precious metal is establishing a higher trading range as monetary policy concerns ease among investors.
The bank’s analysis points to gold trending toward $4,280 per ounce in the near term, representing additional upside of roughly 4 percent from current levels. TD Securities identifies strong technical support around the $3,900 mark, suggesting limited downside risk in the immediate trading environment.
The move reflects growing safe-haven demand as traders reassess Fed policy trajectory amid weakening labor market data. The softer jobs numbers have reinforced expectations that the central bank may maintain a more dovish stance longer than previously anticipated, boosting non-yielding assets like gold.
FXnCO Insight
Traders should watch the $3,900 support level closely for entry opportunities while targeting $4,280 as the next key resistance point in gold positions.
Source: FXStreet