Gold Falls Sharply After NFP Data Release
Gold prices reversed earlier gains and fell by up to 1% after data from Non Farm Payroll showed an improvement in the latest labor data and market views that there is a decrease in tensions in the US-China trade war.
Nonfarm Payrolls (NFP) in the United States (US) rose by 139,000 in May, the US Bureau of Labor Statistics (BLS) reported on Friday. This followed a gain of 147,000 (revised from 177,000) recorded in April and slightly better than the market expectation of 126,000. Other details from the report showed that the Unemployment Rate remained steady at 4.2% as anticipated, while the Labor Force Participation Rate fell slightly to 62.4% from 62.6%. Lastly, annual wage inflation, as measured by the change in Average Hourly Earnings, remained unchanged at 3.9%, beating the market forecast of 3.7%.
RECOMMENDATION
- Buy if price breaks above $3326
- Sell if price breaks above $3316
Resistance 2: $3343
Resistance 1: $3331
Support 1: $3312
Support 2: $3300
Note: This article is for analytical purposes only and is not a definitive reference. Please pay attention to fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
