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11 March 2024,02:16

Trading BlogTrading Knowledge

Gold Soars As U.S Jobs Data Boost Early Rate Cut Bets

11 March 2024, 02:16

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Fundamental Analysis

* Rate Cut Anticipation Imminent: The gold price has skyrocketed to a record high as U.S jobs data fueled expectation that the Fed could initiate interest rate cuts soon. Friday’s data revealed that the U.S. economy added 275,000 jobs last month, surpassing economists’ expectations of 160,000 new jobs. Despite the increase in job creation, the rise in the U.S. unemployment rate and a slowdown in wage gains cast a shadow over the positive data. On top of that, escalating tension in the Middle East also fueled demand for the safe haven commodity.

Technical Analysis

* Technical Breakout: The yellow metal continues to climb and prints a fresh all-time high above $2180. The MACD, signaling robust bullish momentum, combined with the recent breach of a bullish market structure, suggests the possibility of the commodity further advancing its gains.

* Resistance And Targets: Should the bullish momentum persist; the price would head towards the subsequent resistance level 2250.00 following a breakout above the resistance level 2200.00. However, a failure to break this resistance may lead to a technical retracement back towards support level 2125.00 in the short term or even a potential reversal for the pair.

Get more information on how you can analyse signals using chart patterns and technical analysis.

Potential Risks

Stay updated on U.S data, Middle East updates and any shifts in the US Dollar’s strength.

Read some of the risk management strategies to help you in managing potential trading risks.


Stay updated on U.K data, news regarding BoE, and any shifts in the US Dollar’s strength by following our daily financial news or market insights articles.

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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.

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