Daily analysis
Gold - Gold narrow horizontal plate, focusing on U.S. employment data
The US dollar fell on Thursday. According to data released by the U.S. Department of Labor during the day, as of the week of November 30, the number of first-time applicants for unemployment benefits in each state increased by 9,000, to 224,000 after seasonal factors. Next, the non-farm employment report in the United States in November will be the focus. According to the survey, non-farm employment is expected to increase by 200,000, and only 12,000 in October, the lowest since December 2020. The market’s bet on the Federal Reserve’s interest rate cut is generally stable, partly due to the weaker-than-expected service industry data on Wednesday and the higher-than-expected number of unemployment benefits. On Wednesday, Federal Reserve Chairman Powell said that the U.S. economy was stronger than expected when the Federal Reserve began to cut interest rates in September, and he seemed to imply support slowing down the pace of interest rate cuts. At present, the market believes that the probability of an interest rate cut by 25 basis points later this month is 71%. Before the Federal Reserve’s meeting on December 17-18, the inflation index will be announced next week.
Gold fell on Thursday, and the market adjusted its position before the release of non-farm employment data in the United States. The gold price as a whole is in a range of fluctuations, and it is looking for the next data or the next stimulus factor to push gold out of this range. Investors’ focus has now shifted to Friday’s U.S. non-farm employment data, thus further clarifying the interest rate path. As shown in the technical chart, the gold price has roughly remained around 2620 to 2650 for more than a week, and is still waiting for the breakout to make it clear. The larger support is expected to be $2,600, and the next reference level is $2,582 on the 100-day average. The fall in gold prices in mid-November also happened to be supported at the 100-day average. The key will be in 2535, from the bottom of the consolidation from May to June to around $2,280 to the end of last month, a cumulative increase of nearly $510, half of which is $255 to $2,535. As for the current closer resistance, let’s look at 2635 and the 50-day average 2668, and the next level of resistance is estimated at $2,700 and $2,725.
The US dollar fell on Thursday. According to data released by the U.S. Department of Labor during the day, as of the week of November 30, the number of first-time applicants for unemployment benefits in each state increased by 9,000, to 224,000 after seasonal factors. Next, the non-farm employment report in the United States in November will be the focus. According to the survey, non-farm employment is expected to increase by 200,000, and only 12,000 in October, the lowest since December 2020. The market’s bet on the Federal Reserve’s interest rate cut is generally stable, partly due to the weaker-than-expected service industry data on Wednesday and the higher-than-expected number of unemployment benefits. On Wednesday, Federal Reserve Chairman Powell said that the U.S. economy was stronger than expected when the Federal Reserve began to cut interest rates in September, and he seemed to imply support slowing down the pace of interest rate cuts. At present, the market believes that the probability of an interest rate cut by 25 basis points later this month is 71%. Before the Federal Reserve’s meeting on December 17-18, the inflation index will be announced next week.
Gold fell on Thursday, and the market adjusted its position before the release of non-farm employment data in the United States. The gold price as a whole is in a range of fluctuations, and it is looking for the next data or the next stimulus factor to push gold out of this range. Investors’ focus has now shifted to Friday’s U.S. non-farm employment data, thus further clarifying the interest rate path. As shown in the technical chart, the gold price has roughly remained around 2620 to 2650 for more than a week, and is still waiting for the breakout to make it clear. The larger support is expected to be $2,600, and the next reference level is $2,582 on the 100-day average. The fall in gold prices in mid-November also happened to be supported at the 100-day average. The key will be in 2535, from the bottom of the consolidation from May to June to around $2,280 to the end of last month, a cumulative increase of nearly $510, half of which is $255 to $2,535. As for the current closer resistance, let’s look at 2635 and the 50-day average 2668, and the next level of resistance is estimated at $2,700 and $2,725.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.