Gold – Today's US Jobs Report Is the Big Test
A few days ago, we looked at why gold wasn't rising even with a war and high inflation. The short answer was interest rates. High rates make gold less attractive because gold itself pays no interest. Today brings the next test of that theory.
Today, the US releases its monthly jobs report—the most-watched data of the month. The forecast is roughly 105,000 new jobs with unemployment near 4.3%. Gold is trading around $4,460 before the release.
Here's how to read it. Strong numbers mean the economy is healthy, which gives the Fed reason to keep rates high. High rates weigh on gold, so a strong report would likely push it down. A weak number does the opposite. It opens the door to lower rates later, and that usually helps gold.
So today's direction leans on one number. Watch the first move, but also watch wage growth in the same report because that feeds inflation and can flip the reaction within minutes.
Key levels:
- Resistance: $4,580, then $4,650 and $4,700
- Support: $4,450 and $4,400
Watching: the US jobs report this afternoon, the wage growth figure inside it, and how the dollar reacts.
By Born2trade market research department
Risk Disclaimer: All research and/or forecasts above reflect the author's personal opinion and cannot be treated as trading advice. born2trade is not responsible for any trading results based on any information in this article. Trading Forex and CFDs carries a high level of risk to your capital. You may lose all of your invested funds. Forex and CFD trading may not be suitable for all investors. Please ensure that you fully understand the risks involved and, if necessary, seek independent advice.
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