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Prices Stabilise After Sinking On Payrolls

GOLD

Gold prices fell 2.5% on Friday following extremely strong payrolls data. The 517k rise in jobs plus the drop in the unemployment rate increased the prospects of more Fed tightening and boosted Treasury yields and the USD. Gold prices are up 0.6% during APAC trading to $1876.50/oz, close to the intraday high. The USD DXY is up 0.2% today.

  • Gold was down 3.3% on the week and fell through the 20-day EMA of $1907.40 and the January 11 low of $1867.20 on Friday. It is currently holding above that support again.
  • There is little scheduled later with January euro area retail sales the most significant release. It is a relatively quiet week in the US with Tuesday’s trade balance and Fed Powell’s speech the likely highlights.
Energy BulletsCommodities
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