{"id":130879,"date":"2024-09-06T09:18:09","date_gmt":"2024-09-06T09:18:09","guid":{"rendered":"https:\/\/kinesis.money\/?p=130879"},"modified":"2024-09-06T09:18:14","modified_gmt":"2024-09-06T09:18:14","slug":"gold-price-us-employment-data","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pt-br\/market-analysis\/gold-news\/gold-price-us-employment-data\/","title":{"rendered":"Gold Price News: Gold Eyes US Employment Data"},"content":{"rendered":"\n

Currently trading at $2519\/toz, gold has enjoyed a modest bounce amidst febrile investor risk appetite, a continued easing of rates markets and further weakening of the US dollar. Initial indications are that net flows into physical ETFs\/ETCs have held up well thus far this week. However, these flows can be highly volatile and are only loosely correlated to futures positioning, the latter of which will be updated after today\u2019s European close.<\/p>\n\n\n

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\"kinesis
Kinesis gold (KAU) – $\/g – from Kinesis Exhange<\/figcaption><\/figure>\n<\/div>\n\n\n

All eyes now turn towards the slew of US August employment data released later today. This is arguably the single most significant data point ahead of the Fed\u2019s rate decision 18 September. After the market havoc wreaked by the previous month\u2019s weak print and historic revisions, expectations are for a 160k rise in Non-Farm Payrolls for August.<\/p>\n\n\n\n

Gold\u2019s most recent price action has seen it move back above the 23.61% Fibonacci retracement of the 25 July- 20 August uptrend at $2490\/toz, ascending oblique major support at $2493\/toz and a steeply ascending 20-day Simple Moving Average at $2494\/toz. An immediate breakdown seems to have been avoided.<\/p>\n\n\n\n

However, while gold now appears to have breached weak descending oblique resistance at $2517\/toz, some caution should be exercised. Momentum indicators remain weak, and we need to see a sustained move above major horizontal resistance at $2520\/toz before we can be confident of a positive resolution to a broader consolidation. Should that occur, there is weak ascending oblique resistance at $2538\/toz and an initial breakout target of $2543\/toz.<\/p>\n\n\n\n

If the current tentative proximate support from Fibonacci, oblique support and moving averages be decisively compromised at $2493\/toz, then the next major support levels present as the converging ascending lower bound of a 26 June\/17 July\/26 July channel and the rising 50-day Simple Moving average, both currently around $2439\/toz.  <\/p>\n\n\n\n

Significant events for gold investors going forward include US August Employment data and speeches from Fed Board Member Waller and New York Fed President Williams – both FOMC voters and centrists \u2013 all on 6 September.<\/p>\n\n\n\t\t\t

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Mike<\/a> is a market strategist and media commentator with 30 years of experience analysing precious metals markets.\u00a0\u00a0\u00a0He developed his expertise working as an investment banker in emerging markets such as South Africa, Russia and Chile. His focus on precious metals was extended through subsequent work within private wealth management and his own research consultancy.\u00a0\u00a0\u00a0During this time, he covered the gold, silver, platinum and palladium markets.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/em><\/p>\n

Read our Editorial Guidelines\u00a0here.<\/a><\/em><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Currently trading at $2519\/toz, gold has enjoyed a modest bounce amidst febrile investor risk appetite, a continued easing of rates markets and further weakening of the US dollar. Initial indications are that net flows into physical ETFs\/ETCs have held up well thus far this week. However, these flows can be highly volatile and are only […]<\/p>\n","protected":false},"author":51,"featured_media":130911,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-130879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Price News: Gold Eyes US Employment Data | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Friday 6th of September 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"pt_BR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Price News: Gold Eyes US Employment Data\" 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