Technical analysis of gold
Last Friday, gold extended its rally to a new high as the US NFP report, despite a disappointing headline number, again showed some under-the-table weakness.
Indeed, the unemployment rate jumped to the highest level in two years, and the household survey showed job losses for the third month in a row.
In addition, average hourly earnings, which are especially important for inflation, were much lower than expected. Overall, as long as the market doesn't fear a new wave of inflation that forces the Fed to raise interest rates, gold should remain supported in a bearish cycle and strong US data should offer bearish buying opportunities. .
Stay with us for the rest of the video
Last Friday, gold extended its rally to a new high as the US NFP report, despite a disappointing headline number, again showed some under-the-table weakness.
Indeed, the unemployment rate jumped to the highest level in two years, and the household survey showed job losses for the third month in a row.
In addition, average hourly earnings, which are especially important for inflation, were much lower than expected. Overall, as long as the market doesn't fear a new wave of inflation that forces the Fed to raise interest rates, gold should remain supported in a bearish cycle and strong US data should offer bearish buying opportunities. .
Stay with us for the rest of the video