Gold price falls as JOLTS job opportunities decrease as expected

The gold market is off its lows but still remains under pressure as the number of jobs available in the U.S. fall in line with expectations.

Job openings, a measure of labor demand, dropped to 9.58 million on the last day of July, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday.

According to consensus estimates, economists were looking for job openings to drop to 9.61, down from 9.92 million posted reported in June.

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The USD's strong recovery has negatively impacted the price of gold in a market lacking catalysts. This morning, the US Dollar Index reached its highest level in 3 weeks at 102 points.

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🔴 SL: 1924

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Rising risk aversion sentiment in the marketplace is not providing much support for gold as investors continue to react to Fitch Rating's announcement, downgrading the U.S. government's long-term debt to 'AA+' from 'AAA.

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DXY has crossed the psychological level of 102.50, which coincides with the 50-day MA. The focus of the bulls will now be on the mid-term trendline resistance.

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Despite disappointing economic data, gold prices remain unaffected due to continued safe-haven demand, which is benefiting the U.S. dollar. December gold prices are currently at $1,971, down 0.20% on the day. Analysts highlight $1,970 as a crucial support level, with a potential drop to $1,900 if it breaks.

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After the employment survey was released, the US dollar (DXY index) declined due to falling Treasury yields. At the same time, gold prices increased to $1,940, influenced by changes in fixed-income investments.