Gold Dips as Focus Shifts to US Payrolls
Gold prices dipped in the mid-day US session on Thursday as US Treasury yields rose following the release of weekly jobless claims data, while markets awaited US nonfarm payrolls figures for fresh insights into the Federal Reserve’s stance on cutting interest rates.
The number of Americans filing new applications for unemployment benefits rose modestly last week, suggesting the labor market continues to cool steadily.
Investors’ focus now turns to Friday’s US nonfarm payrolls, which are likely to increase by 200,000 jobs in the month after rising by just 12,000 in October, for further clarity on the path of interest rates.
RECOMMENDATIONS
- Buy if the price moves to at least $2632
- Sell if the price moves to at least around $2622
Resistance Level 2: $2646
Resistance Level 1: $2638
Support Level 1: $2616
Support Level 2: $2608
DISCLAIMER
Note: This article is only an analysis and not a definitive reference. Pay attention to the development of fundamental and technical aspects in trading before making investment decisions.
Source: newsmaker.id