Gold Rebounds in European Trading
Gold rebounded above $4,210 an ounce on Thursday after an initial decline as markets adjusted ahead of the FOMC meeting and digested the latest US employment data, which accelerated expectations of imminent easing.
ADP reported a surprise decline of 32,000 private sector jobs, while Challenger announced 71,321 layoffs in November, bringing the total number of layoffs this year to nearly 1.17 million.
This reinforced evidence that the labor market is cooling and increased market confidence in a 25 basis point (bps) interest rate cut in December.
The gold price at the time of this analysis was released was at $4,218.
- Buy if the price is at $4,210.
- Sell if the price is at $4,225.
Resistance 2: $4,235.
Resistance 1: $4,228.
Support 1: $4,210.
Support 2: $4,200.
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