Analyst: The bullish momentum for gold prices remains, with non-farm payrolls and Trump's tariff decisions being key variables

Analyst Giuseppe Dellamotta stated that gold prices continue to be supported by geopolitical tensions and weak U.S. data, with bullish momentum remaining solid. However, Friday's U.S. non-farm payroll report may pose a challenge to this. Although the credibility of the previous report was questionable due to issues related to the government shutdown, this data should provide a clearer economic picture.

If the data is strong, it could lead to a significant pullback in gold prices, as traders may delay expectations for an upcoming rate cut by the Federal Reserve; conversely, if the data is weak, it should continue to support gold prices upward. Additionally, the U.S. Supreme Court has set Friday as the opinion release day, which may result in a ruling on Trump's tariff policy. If the tariff measures are overturned, the alleviation of stagflation risks could lead to a decline in gold prices. On the other hand, if the tariffs remain unchanged, while it may not trigger significant fluctuations, it will still support the upward trend in gold prices.