- The dollar falls in the previous employment report.
- Equity and commodity markets on the rise.
- Gold is up more than $20 so far today, the best performance in weeks.
The Prayed continues the rebound that started in the American session on Thursday and is in the area of $1650 in two-day highs, before the US employment report. So far this day he’s up more than $20, the best day in three weeks.
The advance of the yellow metal occurs before a weak dollar, in combination with a better mood in global markets. The expectation that China would relax the zero COVID policy. Stability in Treasury yields at recent highs is not preventing gold from advancing.
For hours, several currency pairs and metals have been moving sideways, validating daily gains, waiting for the US employment report Non-farm payrolls are expected to increase by 200,000 and the unemployment rate is expected to go from 3.5% to 3.6%. The data will have a high impact on the markets.
Again support at the $1615 area
Gold’s rally is proving to be significant on Friday and comes as it extends a bounce from critical support in the $1615/20 area, which contained the lows in September, October and now November. The price is back at the 20-day moving average.
The rises could extend to the $1,680 zone if it manages to validate above $1,650. In the opposite direction, below $1630, bearish pressures could return. Break below $1610 could lead to an acceleration to the downsideputting $1,600 at risk.
Technical levels
Source: Fx Street
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