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
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.