XAU surges after US economic data
Gold prices rose 0.8% on Thursday after a report showed U.S. payrolls fell to their lowest level since early 2021 last month. The sharp drop in new jobs suggests a weakening U.S. labor market, which could prompt the Fed to cut interest rates soon to stimulate the economy.
Friday's report showing a weakening U.S. labor market could help the Fed determine whether to cut interest rates by 25 or 50 basis points at its next meeting. Lower interest rates would weaken the dollar but significantly increase the appeal of non-yielding assets such as gold.
Friday's report showing a weakening U.S. labor market could help the Fed determine whether to cut interest rates by 25 or 50 basis points at its next meeting. Lower interest rates would weaken the dollar but significantly increase the appeal of non-yielding assets such as gold.
Note
SELL XAU 2516
TP1: 2508
TP2: 2500
SL: 2523
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