Gold 01.09 waiting for the Non-Farm Employment Change
⚡️XAU/USD remains below $1,950 as traders eagerly await US NFP, Gold price attracts fresh sellers following an Asian session uptick to the $1,944 region on Friday and hits a fresh daily low in the last hour, albeit lacks follow-through.
⚡️The XAU/USD currently trades just below the $1,940 level, nearly unchanged for the day, as traders keenly await the closely-watched monthly employment details from the United States (US) before placing fresh directional bets.
⚡️Meanwhile, the view that the Fed will keep interest rates higher for longer helps the US Treasury bond yields to stall the recent pullback from a multi-year peak. This, along with a generally positive tone around the US equity futures, further contributes to capping the upside for the non-yielding Gold price ahead of the key US data risk. Hence, it will be prudent to wait for strong follow-through buying before positioning for an extension of the recent strong recovery from the $1,885 region, or the lowest level since March 13 touched earlier this month.
⚡️Share your ideas with Krado, I'm looking forward to it⚡️
⚡️The XAU/USD currently trades just below the $1,940 level, nearly unchanged for the day, as traders keenly await the closely-watched monthly employment details from the United States (US) before placing fresh directional bets.
⚡️Meanwhile, the view that the Fed will keep interest rates higher for longer helps the US Treasury bond yields to stall the recent pullback from a multi-year peak. This, along with a generally positive tone around the US equity futures, further contributes to capping the upside for the non-yielding Gold price ahead of the key US data risk. Hence, it will be prudent to wait for strong follow-through buying before positioning for an extension of the recent strong recovery from the $1,885 region, or the lowest level since March 13 touched earlier this month.
⚡️Share your ideas with Krado, I'm looking forward to it⚡️
Komen:
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⚡️Gold prices moved little on Friday, steadying near three-week highs as markets awaited more cues on U.S. monetary policy from nonfarm payrolls data due later in the day, while copper prices rose on positive Chinese factory data.
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⚡️Gold rallied then bounced off August nonfarm payrolls highs at least as a “signal that interest rates may not rise further,” which risk assets all seem to be positive about. .
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⚡️The Fed is widely expected to pause another rate hike next month, but Chairman Jerome Powell said late last week that central bank officials remained open to further rate hikes as required depending on economic data.
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⚡️The U.S. economy added 187,000 non-farm payrolls last month against a forecast 170,000 while the jobless rate perked to 3.8% from a previous 3.5%, the Labor Department said. The mixed reading conveyed the messaging that the Federal Reserve might not immediately resort to more rate hikes to bring inflation to its long-standing target of 2% per annum from the about 3% it hovers at now.
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⚡️The optimism over more stimulus from China continues to weigh on the safe-haven metal.
