Gold Rises as Job Cuts Explode
Gold prices approached $4,000/oz on Friday (November 7th) after weak US jobs data reinforced expectations of an imminent Fed rate cut. Challenger-style job cuts nearly tripled in October—the largest increase in more than two decades—dampening optimism from the ADP payroll rebound. With official data limited by the government shutdown, the market placed greater weight on the private release and now rates the chance of a December cut at around 69%, up from 60% the day before.
A weaker US dollar also provided a boost, making gold cheaper for foreign buyers, while economic uncertainty stemming from the prolonged government shutdown maintained interest in safe-haven assets. For the week, gold's performance was mostly flat, reflecting the tug-of-war between expectations of policy easing and concerns over labor market resilience.
At the time of this analysis, the gold price is around $3,988.
- Buy if the price is around $3,995.
- Sell if the price is around $3,981.
Resistance 2: $4,009.
Resistance 1: $4,002.
Support 1: $3,974.
Support 2: $3,967.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
