Market Analyst: Gold Approaches US$4,200, Weak NFP Cuts Chances of a Rate Hike
Gold prices strengthened for the third consecutive day after weak US labor data reduced the chances of a Federal Reserve interest rate hike this year. Gold briefly rose as much as 1.8% to around US$4,195 per ounce, after rising 2.3% in the previous session. Market analysts believe the slowdown in US hiring in June has reduced pressure on the Fed to raise interest rates at its July meeting.
The swaps market now only rates an 18% chance of a rate hike at the next Fed meeting, down from a third earlier in the week. (asd)
Gold Price at the Time of This Analysis' Release: $4,170
- Buy if the price moves to $4,178
- Sell if the price moves to $4,166
Resistance 2: $4,197
Resistance 1: $4,185
Support 1: $4,161
Support 2: $4,149
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id