Gold prices fell over 1% on Friday after the blockbuster jobs report. On all front, the payrolls report came out better than forecast.

Wage growth was the only blot, easing to 3.1% on an annual basis, down from 3.2% in October. The solid jobs report now pushes the possibility of a Fed rate cut further down the line.

XAU/USD Could Maintain Bearish Momentum

- advertisement -

As XAU/USD broke below the support level of 1460, the Stochastics indicator is pointing to a possible reversal. However, we expect to see the 1460 level being retested once again for resistance.

If this level holds, then XAUUSD will be on track for a move lower to the 1445 level of support in the near term.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.