Gold trades near two-week high on cooling US rate-hike bets | Metals Mine

  • Gold trades near two-week high on cooling US rate-hike bets

    From brecorder.com

    Gold prices held near a two-week high on Monday after a cooler-than-expected US jobs report last week slightly tempered expectations of interest rate hikes by ​the Federal Reserve. Spot gold was steady at $4,175.02 per ounce by 0028 GMT, after posting a weekly gain of more than 2% following four straight weeks of declines on Friday. US gold futures for August delivery climbed 1.5% to $4,186.80 per ounce. Data on ​Thursday showed U.S. job growth slowed sharply in June and payroll gains for ​the prior two months were revised lower, pointing to a cooling ⁠labor market and prompting financial markets to dial back ... (full story)

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ZforexCM
1 hr 35 min ago
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Gold held near $4,170 after last week's rebound as weaker U.S. jobs data eased concerns that the Fed would need to tighten policy aggressively. With markets scaling back the odds of a September rate hike, the metal has found some breathing room after a difficult month.

Lower oil prices have also helped sentiment by reducing inflation concerns, though attention is now shifting to the minutes from the Fed's June meeting. If policymakers sound less hawkish than people assumed, gold could extend its recovery. For now, however, the outlook remains balanced, with investors waiting for fresh signals on the path of U.S. interest rates.

First resistance is seen at $4200, with initial support near $4120.

R1: 4200 | S1: 4120
R2: 4250 | S2: 4080
R3: 4300 | S3: 4000
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