The growth of the U.S. labor market is slowing down, as more American workers are filing for unemployment benefits. This disappointing news has resulted in gold prices trading near session highs, with August futures currently at $1,970USD/ounce, representing a 0.58% increase on the day.
Analysts believe that this latest jobs data is supporting the view that the Federal Reserve's aggressive monetary policy tightening has come to an end.
Good analysis. This could be a great trade to catch!
melikatrader94
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Great insight of the market, keep it up champ!
FXCM
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Good analysis to identify the support area as gold could pull back towards this area before climbing higher. We could also see gold break above $2,000/oz once more if weekly unemployment claims continue to trend higher.