- Analytics
- Market analysis
- Market Opinions
- Gold at 5-Mth Highs after Weak Non-farm Payrolls
Gold at 5-Mth Highs after Weak Non-farm Payrolls
The bullion pushed higher, boosted by the weakening
greenback and was trading 0.60% stronger during the US session, hovering at
around 1,245 USD, which are levels last seen in July this summer.
Earlier today, traders watched the US labor market data. The
non-farm payrolls slowed sharply in November and the US economy created only
155,000 new jobs, against expectations of 200,000, while the previous number
was revised lower to 237,000. The unemployment rate remained unchanged at 3.7%.
Moreover, wage growth stay at 3.1% year-on-year and ticked
higher from 0.1% to 0.2% on the monthly basis. The US dollar declined after
these numbers, while stocks and gold shot higher.
The next level for gold could be at the 200-day moving
average, which is near 1,255 USD. If the bullion jumps above this level, a new
long-term bullish trend could start.
Silver is trying to breach the 100-day moving average near
14.60 USD and if successful, further rise toward 14.80 USD could occur.
Traders also bought short-term bonds on Friday as yields
dropped, while the longer-term yield curve remained slightly higher throughout
the day.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
