Gold Weakens, FOMC & Employment Data Set to Surprise
Gold prices weakened to around $4,060 per ounce on Wednesday, paring some of the gains recorded in the previous session. This movement occurred as investors opted for caution ahead of the release of two important data points from the United States: the minutes of the Federal Reserve's (FOMC) meeting, released today, and the employment report, due Thursday. Both releases are expected to provide clearer clues regarding the future direction of interest rates.
Several delayed US economic data began to be released again after the government shutdown ended. Claims for unemployment benefits rose to a two-month high, with continuing claims reaching 1.9 million. This figure slightly raised hopes for a December interest rate cut, but the market remains cautious as further data could make it more difficult for the Fed to ease policy, especially as some officials remain hesitant about a rate cut. Meanwhile, concerns about overvalued technology stocks continue to dampen risk appetite in the stock market, so gold remains attractive as a safe-haven asset amid the sell-off in the equity markets. (az)
The price of gold at the time of this analysis was released was $4,073
- Buy if the price moves within the $4,080 range
- Sell if the price moves within the $4,066 range
Resistance 2: $4,094
Resistance 1: $4,087
Support 1: $4,059
Support 2: $4,052
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
