Gold Steady after Higher-Than-Expected US JOLTS Job Openings
Gold (XAU/USD) held steady around $2,640 on Tuesday after the release of US labor market data reinforced the view that the US economy is in a good position. The US Dollar (USD) strengthened after the release, which put pressure on Gold, which is mostly priced and traded in USD.
US JOLTS Job Openings rose to 7.744 million in October, beating the consensus estimate of 7.480 million and a downwardly revised 7.372 million in September, according to data from the US Bureau of Labor Statistics (BLS).
The data caused Gold to pare earlier gains made after comments from a Federal Reserve (Fed) speaker increased the likelihood of the Fed cutting interest rates at its December policy meeting. Lower interest rates are positive for Gold as they reduce the opportunity cost of holding non-interest-paying assets.
RECOMMENDATION
- Buy if price moves at least to $2647
- Sell if price moves at least around $2637
Resistance Level 2: $2661
Resistance Level 1: $2653
Support Level 1: $2631
Support Level 2: $2623
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Observe developments in fundamental and technical aspects in transactions before making investment decisions.
Source: newsmaker.id
