Gold first – Gold down 1% after NFP


This is a very strong first job from the American market. NFP drop above 300,000 and the previous one is therefore revised above this equation. Although it is important to acknowledge that the NFP is useful at first, it cannot be denied that it is still very surprising for the market.

The unchanged unemployment rate and the strong increase in wages to 0.6% month-on-month and 4.5% year-on-year also testify to the fact that the data is healthy. This could theoretically indicate a potential rise in inflation in the following months.

Source: Bloomberg Finance LP, XTB

Given that a run after these NFP data is essentially ruled out as a possibility of annual rates, we see a clear recovery of the dollar and inflows, which will translate into massive declines in the precious metals market. Gold lost 1%, retreating from $2,055 to $2,030 an ounce. The support peg for gold is $2015 and the pot is $2000 per ounce.

Source: xStation5

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The article is in Czech

Tags: Gold Gold NFP


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