Supported jobs figures in the US are worth gold
As at end April 2024, the amount of gold held in London vaults was 8,552 tonnes (a 0.1% decrease on previous month), the lowest holdings since May 2020, valued at $634.3 billion, which equates to approximately 684,132 gold bars.
The market last night received information that the number of applications for unemployment support last week in the US increased sharply compared to the previous week, causing investors to worry that the world's No. 1 economy has shown signs of weakness.
Specifically, the number of first-time applications for unemployment benefits last week was at 231,000 applications, much higher than the forecast of 212,000 applications and 209,000 applications achieved the previous week. The 4-week average unemployment support applications also increased from 210,000 units to 215,000 units last week.
The USD today fell 0.3% against larger currencies after this report was published. A weaker USD makes gold cheaper for buyers outside the US.
Today's data showed signs of a weakening job market, reinforcing expectations that the Fed will lower interest rates sooner than forecast. This sentiment supports precious metals markets, such as gold and silver. Bob Haberkorn, senior market strategist at RJO Futures, determined: "US jobs numbers support gold prices. Hidden buying force appears."
💵
GOLD
SELL 2352 - 2350💵
✔️TP 2340
✔️TP 2330
❌SL 2358
The market last night received information that the number of applications for unemployment support last week in the US increased sharply compared to the previous week, causing investors to worry that the world's No. 1 economy has shown signs of weakness.
Specifically, the number of first-time applications for unemployment benefits last week was at 231,000 applications, much higher than the forecast of 212,000 applications and 209,000 applications achieved the previous week. The 4-week average unemployment support applications also increased from 210,000 units to 215,000 units last week.
The USD today fell 0.3% against larger currencies after this report was published. A weaker USD makes gold cheaper for buyers outside the US.
Today's data showed signs of a weakening job market, reinforcing expectations that the Fed will lower interest rates sooner than forecast. This sentiment supports precious metals markets, such as gold and silver. Bob Haberkorn, senior market strategist at RJO Futures, determined: "US jobs numbers support gold prices. Hidden buying force appears."
💵
GOLD
SELL 2352 - 2350💵 ✔️TP 2340
✔️TP 2330
❌SL 2358
