Gold Prices Rise Despite Strong US Jobs Data
Gold prices continued to rise on Friday even as stronger-than-expected US jobs data reinforced expectations that the Federal Reserve may not cut interest rates aggressively this year. Uncertainty over the policies of the incoming Trump administration continued to boost the appeal of safe-haven assets.
Gold prices briefly dipped to $2,663.09 an ounce after data showed the US added 256,000 jobs last month, compared with economists’ forecasts of 160,000. The unemployment rate was at 4.1%, compared with estimates of 4.2%.
However, bullion prices quickly rose and hit their highest level since Dec. 12, poised for a weekly gain of more than 2%.
RECOMMENDATION
- Buy if the price moves to around $2,691
- Sell if the price moves to around $2,681
Resistance Level 2: $2,706
Resistance Level 1: $2,698
Support Level 1: $2,674
Support Level 2: $2,666
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
