Note

On gold's reaction to US employment data...

· Views 507

News updates:

1)    The August Non Farm Payrolls stood at 1.37 million. However, sources note that out of that figure, almost 300k were temporal government positions and these workers are due to be laid off at the end of September

2)    Unemployment rate improved to 8.4% (previous reading was 10.2%).

3)    Labor force participation rate increased by 61.7% (The labor force participation rate if the percentage of the population working OR actively seeking work).


Federal Reserve Chairman Jeremy Powell also made reemphasized that “it may take years before the economy recovers in full” – despite that pace of jobs growth.


Gold’s reaction to the release of the employment data was to move up to $1,948 but moved downwards as the USD gained strength upwards. It was seen to hit $1,916 – the lowest level of the week.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

good
good to know this...very useful
good to know the correlation between the two!
good once!
Gold sustains a short-term neutral-to-bullish bias above 1900. It seems that a sideways structure may nudge the price towards the cloud and restrictive line before a clear direction unfolds.

-THE END-