Gold prices XAUUSD just fell to around $2,912/ounce, down nearly $10 from the intraday high of $2,918/ounce reached earlier in the session.
The recovery in the US dollar could be seen as the current pressure, causing gold prices to ease slightly from the intraday high.
A look at data and news events
The Labor Department report showed the US economy added 151,000 jobs in February, compared with economists polled by Reuters who expected an increase of 160,000 jobs, and the unemployment rate was 4.1%, compared with expectations of 4%.
Federal Reserve Chairman Jerome Powell said early Friday that the Fed will take a cautious approach when easing monetary policy, adding that the economy "remains in good shape".
While gold is an inflation hedge, rising interest rates could reduce the appeal of non-yielding gold.
The market is now expecting the Fed to continue cutting interest rates starting in June, with a total of 76 basis points of rate cuts over the rest of the year.
Market attention is focused on the upcoming Federal Reserve meeting. In addition, inflation reports and retail sales data will also provide additional guidance for the overall market trend, and the gold market in particular.
From a technical perspective, there are currently no structural changes compared to the weekly issue published to readers on Saturday. Therefore, readers can review the weekly issue linked below.
The recovery in the US dollar could be seen as the current pressure, causing gold prices to ease slightly from the intraday high.
A look at data and news events
The Labor Department report showed the US economy added 151,000 jobs in February, compared with economists polled by Reuters who expected an increase of 160,000 jobs, and the unemployment rate was 4.1%, compared with expectations of 4%.
Federal Reserve Chairman Jerome Powell said early Friday that the Fed will take a cautious approach when easing monetary policy, adding that the economy "remains in good shape".
While gold is an inflation hedge, rising interest rates could reduce the appeal of non-yielding gold.
The market is now expecting the Fed to continue cutting interest rates starting in June, with a total of 76 basis points of rate cuts over the rest of the year.
Market attention is focused on the upcoming Federal Reserve meeting. In addition, inflation reports and retail sales data will also provide additional guidance for the overall market trend, and the gold market in particular.
From a technical perspective, there are currently no structural changes compared to the weekly issue published to readers on Saturday. Therefore, readers can review the weekly issue linked below.
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
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️🥇 Exchange and learn market knowledge
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️🥇 Zalo Group: zalo.me/g/hydlwv957
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
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.