US Employment Data Signals Modest Growth
The February Nonfarm Payrolls (NFP) report revealed that the US economy added 151,000 jobs, a figure slightly below expectations but still showing an annual increase of 1.1%, which could influence trends in the Gold Market In U.S. The data highlighted continued hiring in key cyclical sectors such as manufacturing, construction, and warehousing. However, a decline in average weekly hours to 34.1 suggested a possible slowdown and potential layoffs in the coming months. Despite this, wages remained on an upward trajectory, growing at a rate above 4%, contributing to inflationary concerns.
Federal Reserve Governor Adriana Kugler addressed the employment data, emphasizing that hiring levels remain above the breakeven point. She also stated that wage increases are not a primary driver of inflation. Fed Chair Jerome Powell reinforced this stance, indicating that the central bank is in no hurry to cut interest rates. Powell acknowledged that while progress toward the Fed’s 2% inflation target continues, the process may be uneven, requiring caution in monetary policy decisions.
Gold Market In U.S : Consolidation and Central Bank Buying Trends
Gold (XAU) prices continued to consolidate within a $30 range following the release of employment data. Meanwhile, the US dollar index reached the support level of 103.50. Central banks worldwide remained active in gold acquisitions, reinforcing the metal’s status as a hedge against economic uncertainty. The People’s Bank of China (PBoC) increased its gold holdings by 10 tonnes in the first two months of 2025, while the National Bank of Poland emerged as the largest buyer, acquiring 29 tonnes—its most significant purchase since June 2019.
Technical analysis of the Gold Market In U.S highlighted price consolidation within the orange zone on the daily chart, accompanied by signs of strength. The mid-line rebound of the Relative Strength Index (RSI) within the ascending channel further confirmed this stability. Key support was observed at $2,800, with a breakout above $2,950 potentially opening the path to the $3,000 level.
On the 4-hour chart, the Gold Market In U.S displayed an inverted head-and-shoulders pattern within a broadening wedge, indicating bullish momentum. A decisive break above $2,930 could sustain the upward trajectory, suggesting potential gains for investors.
Treasury Yields and US Dollar Movement
The US Treasury yield market showed resilience, with the 10-year Treasury note rebounding from the strong support level of 4.10%. The daily chart reflected a continuation of the bullish trend, with yields remaining above the 200-day simple moving average (SMA). Additionally, the RSI rebounded from oversold conditions, supporting the likelihood of further yield increases.
Meanwhile, the US dollar index faced bearish pressure, touching the support level of 103.50. The index remained below its 200-day SMA, reinforcing a potential continuation of the downward trend if the 103.50 level is breached. However, technical indicators suggested a possible rebound from this support level. The 4-hour chart displayed an oversold RSI, indicating that the dollar could experience a short-term recovery before resuming its downward trajectory.
