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Core Viewpoint - The recent non-farm payroll data has significantly impacted the gold market, leading to a sharp increase in gold prices by over $50, indicating a strong response from bullish investors amid a backdrop of disappointing employment figures [2][3]. Economic Data Summary - The U.S. July U6 unemployment rate was reported at 7.70%, with no expectations provided [3]. - Average hourly wage growth year-over-year was 3.70%, slightly below the expected 3.80% [3]. - Average weekly hours remained stable at 34.2, matching expectations [3]. - Monthly average hourly wage growth was reported at 0.20%, below the expected 0.30% [3]. - The seasonally adjusted government employment population was 7.3 million, with no expectations provided [3]. - Private non-farm employment increased by 7.4 million, significantly below the expected 10 million [3]. - The manufacturing employment population decreased by 0.7 million, worse than the expected decrease of 0.3 million [3]. - The seasonally adjusted non-farm employment population was reported at 14.7 million, with expectations of 11 million [3]. - The employment participation rate remained unchanged at 62.30% [3]. - The unemployment rate was reported at 4.10%, better than the expected 4.20% [3]. Market Reaction - Following the release of the non-farm payroll data, gold prices surged, reaching a high of $3354-55, marking an increase of $72 from the day's low [2][3]. - The disappointing employment figures have increased the likelihood of a Federal Reserve rate cut in September, further supporting gold prices [2][3]. - Despite the bullish movement, there are indications that the medium-term outlook for gold remains bearish, with key resistance levels identified around $3356 and $3361 [6].