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5 September 2024,02:00

Trade Of The Day

Gold Recovers Following Weak US Jobs Opening Data

5 September 2024, 02:00

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Fundamental Analysis

* Labor Market Slip: Gold prices have regained their footing following the release of U.S. Job Openings data, which revealed fewer openings than anticipated for July. According to the U.S. Bureau of Labor Statistics, the JOLTS Job Openings dropped to 7.673 million in July, down from a downwardly revised 7.91 million in June. This figure also came in below economists’ forecast of 8.1 million. The data suggests a tightening job market, potentially signaling a looming recession if corroborated by other negative employment indicators. The weaker-than-expected report has increased the likelihood that the Federal Reserve may opt for a larger 0.50% interest rate cut at its September meeting, rather than the usual 0.25% reduction.

Technical Analysis

* Technical Breakout: Gold price was traded higher following prior rebound from the support level 2482.00. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to likely further extend its gains.

*Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 2517.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2482.00.

Understand how technical analysis can help you in this trading opportunity.

Potential Risks

Moving ahead, traders will also focus on upcoming economic data such as the Nonfarm Payrolls (NFP) and Unemployment Rate to shed light on the potential size of an expected rate cut by the Fed this month.

Know how to manage trading risks with risk management strategies.

Monitoring

Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.

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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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