Gold lost its shine after upbeat US NFP data. The US economy added 517000 jobs in Jan, much higher compared to a forecast of 185000. The unemployment rate came at 3.4% vs . an estimate of 3.6%. Average hourly earnings year-over-year declined to 4.4% below analyst forecast of 4.9%.
It is good to sell on rallies around $1888-89 with SL around $1900 for the TP of $1850.
It is good to sell on rallies around $1888-89 with SL around $1900 for the TP of $1850.
Comment:
Target almost achieved at $1853. Any close below $1849 confirms further bearishness.