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Gold awaits US jobs report

Metals

Fed Chair Jerome Powell’s hawkish rhetoric earlier this week prompted a sharp drop in spot gold, though yesterday’s higher-than-expected US weekly jobless claims have since enabled the precious metal to claw its way back up to pare earlier losses.

At the time of writing, spot gold is testing its 21-day simple moving average for immediate resistance ahead of today’s keenly-awaited US jobs report.

Gold awaits US jobs report

A lower-than-expected NFP headline figure today, which suggests that January’s blockbuster number was a fluke, is likely to restore spot gold back above $1850.

However, a stronger-than-expected February NFP print which ramps up market fears for an even-more aggressive Fed may drag spot gold back closer to the $1800 mark.

Still, bullion may be able to keep its head above that psychologically-important level provided central banks continue adding the precious metal to their reserves.

 

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