10 September 2025,06:09
Daily Market Analysis
10 September 2025, 06:09
Key Takeaways:
*BLS downward revision erased 911,000 payrolls, slashing average monthly job growth to 74,000 and fueling expectations for deeper Fed cuts.
*The dollar index broke below 98.00, while gold surged to record highs on safe-haven demand.
*Relief from Fed independence tensions steadied the dollar, but focus now shifts to Sept. 11 CPI for confirmation of dovish policy bets.
Market Summary:
Traders were rattled in the last session after the U.S. Bureau of Labor Statistics (BLS) issued a sharp downward revision to nonfarm payroll employment. The preliminary benchmark adjustment slashed 911,000 jobs from April 2024 through March 2025, cutting average monthly job growth to just 74,000 from the previously reported 149,000. The revision reinforced concerns that the labor market is far weaker than anticipated and bolstered expectations for a larger Fed rate cut.
The dollar remained under heavy selling pressure, with the dollar index slipping below the 98.00 mark. In contrast, safe-haven gold surged into uncharted territory as investors perceived a continued erosion of the greenback’s value.
However, the dollar found some relief after political turbulence in Washington eased. President Trump softened his stance on removing Fed Governor Lisa Cook over alleged mortgage fraud, while a federal judge ruled she could remain in her post. The ruling was seen as a win for the independence of the central bank, helping to stabilize sentiment toward the currency.
Looking ahead, all eyes turn to the U.S. Consumer Price Index (CPI) due on September 11. A softer print would reinforce dovish bets on the Fed and could trigger another leg lower for the dollar while paving the way for gold to push toward fresh record highs.
The U.S. dollar index continues to trade sideways within a broad range, though it briefly touched a fresh recent low at 97.20 in the last session. Since then, the index has staged a technical rebound and is now testing its previous high. A successful breakout above this level could mark a shift in momentum and temporarily lift the index out of its current bearish structure.
From a technical standpoint, the RSI remains below the midline, reflecting lingering weakness, while the MACD has formed a golden cross beneath the zero line. Together, these momentum indicators suggest the potential for a trend reversal, aligning with the rebound observed in price action.
Resistance Levels: 98.00, 98.40
Support Levels: 97.50, 96.85
Gold has been trading with strong bullish momentum, climbing to a fresh all-time peak of $3,674.90 in the last session before undergoing a correction that saw prices retreat by more than 1% in the latest move. Despite the pullback, the precious metal managed to find support above the Fair Value Gap (FVG) created during its previous uptrend, indicating that it remains within a broader bullish trajectory and reinforcing a positive bias for the metal.
Momentum signals also support the bullish outlook. The RSI continues to hover near the overbought zone, while the MACD is trending in a higher-high pattern, both reflecting sustained strength in buying momentum. With these factors in place, gold may be poised to retest and potentially break its next key psychological milestone at the $3,700 level.
Resistance Levels: 3684.00, 3755.35
Support Levels: 3585.35, 3530.00
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