Jobs report disappoints, Gold poised for rally?

Non Farm Payrolls add 114k jobs, less than consensus 176k.
Average Hourly Earnings down from 0.3% to 0.2%.
Unemployment Rate rises from 4.1% to 4.3%.
Gold rises to $2477 and bulls eyeing for $2480-$2520.

Sunil Kumar Dixit SK Charting

Non Farm Payrolls shows the US added 114000 jobs way less than consensus of 176000 which indicates the jobs sector is far from satisfactory, at least for the fed's policy contemplations.

Moreover, tensions keep rising in middle east asia as fears of a wider conflict between Israel and Iran is increasing.

Markets have been factoring on these rapid developements and the same can be seen reflecting in gold price holding the higher side of the range.

Technical structure looks strongly supportive for yet another rally after clearing through the latest recorded high $2483 and the next iimmediate station could be $2498-$2520

Meanwhile, any retracement towards $2450-$2440 may attract buyers in anticipation of ongoing bullish rally.

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

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