• Analytics
  • Market analysis
  • Market Opinions
  • Gold at 5-Mth Highs after Weak Non-farm Payrolls
Market Overview
07.12.2018, 15:19

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. 

© 2000-2020. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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.

Feedback
Live Chat E-mail
Up
Choose your language / location