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Gold price rises on Friday, poised to end with weekly gains of nearly 4% as an employment report in the US was mixed, with the economy adding fewer jobs than projected. Still, the Unemployment Rate ticked lower, yet investors are still betting the Federal Reserve (Fed) to cut rates this year.
💡 DMK Insight
Gold’s nearly 4% weekly gain signals a shift in investor sentiment amid mixed U.S. employment data. The weaker job addition numbers, despite a lower unemployment rate, suggest that the Fed might pivot towards rate cuts sooner than expected. This environment typically boosts gold as a safe haven. Traders should watch for resistance around recent highs, as a sustained break above could trigger further buying. Conversely, if the Fed maintains a hawkish stance, gold could face downward pressure. Keep an eye on the upcoming inflation data, as it could influence the Fed’s next moves and, consequently, gold’s trajectory. Also, monitor correlated assets like the U.S. dollar and Treasury yields, as shifts there can impact gold’s appeal significantly.
📮 Takeaway
Watch for gold’s resistance levels; a break above recent highs could signal further gains, especially if the Fed hints at rate cuts.
