Gold at 5-Mth Highs after Weak Non-farm Payrolls
The bullion pushed higher, boosted by the weakening greenback and was trading 0.60% stronger during the US session, hovering at around 1,245 USD, which are levels last seen in July this summer.
Earlier today, traders watched the US labor market data. The non-farm payrolls slowed sharply in November and the US economy created only 155,000 new jobs, against expectations of 200,000, while the previous number was revised lower to 237,000. The unemployment rate remained unchanged at 3.7%.
Moreover, wage growth stay at 3.1% year-on-year and ticked higher from 0.1% to 0.2% on the monthly basis. The US dollar declined after these numbers, while stocks and gold shot higher.
The next level for gold could be at the 200-day moving average, which is near 1,255 USD. If the bullion jumps above this level, a new long-term bullish trend could start.
Silver is trying to breach the 100-day moving average near 14.60 USD and if successful, further rise toward 14.80 USD could occur.
Traders also bought short-term bonds on Friday as yields dropped, while the longer-term yield curve remained slightly higher throughout the day.
Everything posted herein is the Personal Opinion of the Author(s) and does not represent a statement made by TeleTrade. TeleTrade is providing this for informational purposes.
06 December 2018, 15:40 USDJPY: Pair Plunges amid Negative Sentiment, Lower Yields
|remaining time till the new event being published|
- Earnings Season in U.S.: Major Reports of the Week
- Industrial production fell by 1.7% in the euro area (EA19) and by 1.3% in the EU28 m/m
- China's exports and imports in December declined at the worst rates in two years
- IMF cuts global growth outlook, cites trade war and weak Europe