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11 March 2024,02:16
Trading BlogTrading Knowledge
11 March 2024, 02:16
* 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 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.
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