Gold’s Value Has Surpassed $2,020, Despite The US NFP Not Providing Evidence To Support The Notion Of A More Forceful Fed

The price of gold is showing signs of growth in the early Tokyo session and may break past the $2,020.00 resistance level. Despite a significant drop on Friday due to strong US employment data, further analysis of the labor market report uncovered a revision in March’s labor additions which could change the overall outlook.

The recently released March Nonfarm Payrolls report has been revised, indicating a decrease in the number of new employees added. The initial report indicated that 263K new employees were added, but the revised report shows that the actual number of new employees added was 165K, representing a downward revision of 37%. As a result, the increase in fresh payrolls in April was only 2%, which is insufficient for the Federal Reserve (Fed) to reconsider its neutral interest rate guidance.

The Fed policymakers are still worried about the positive Average Earnings report. The earnings in April rose by 0.5%, which is higher than the expected pace of 0.3%.

The S&P500 experienced a rally following the disappointing US Nonfarm Payrolls report, leading many investors to believe that the worst is over now that the Fed has reached its terminal rate. ABC News reported that US President Joe Biden will meet with Speaker Kevin McCarthy and other congressional leaders on Tuesday to discuss the approaching debt ceiling crisis. President Biden has warned Republicans that any delay in resolving the US debt crisis could result in significant job losses and a decline in Gross Domestic Product (GDP).


Gold Long (Buy)
Enter at: 2033.66
T.P_1: 2061.26
T.P_2: 2100.00
T.P_3: 2189.76
S.L: 1931.23


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