Sat. Oct 16th, 2021

Jobs report a strong blow for gold

It’s been a long time coming or he gathered behind the backs of a poor number of ADPs and hoped he could point to a weaker jobs report and push the Fed in an obvious direction.

The yellow metal has gone from threatening to break at $ 1,833 (and 50 fibs) to the upside to destroying the $ 1,790 support in just a couple of days, courtesy of a strong ISM reading, Clarida’s Hawks comments the Fed and finally eliminatory work. report.

Today has been the last key in the coffin and or he suddenly finds himself in a very vulnerable position. He already has his eyes fixed on $ 1,750, but the reality is there could be more to fall.

It will take some terrible data over the next month to prevent the Fed from announcing anything about volume reduction in September and with Jackson Hole in a few weeks, where policymakers, including Jerome Powell, could lay the groundwork, time is running out.

It should or rebound of $ 1,750, the key test of the rise will be given by the above reliability support level at $ 1,790. But a look at the moment indicators suggests that no correction will occur yet.

A break of $ 1,750 lights up $ 1,720 and $ 1,700, with an interesting $ 1,675 below that, should it get that far.

Who knows what will cause the next couple of months, but the last 48 hours have been one hammer blow for or.

This article is for informational purposes only. It is not an investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its subsidiaries, subsidiaries, directors or administrators. Leverage trading is high risk and not suitable for everyone. You could lose all your funds.

Craig Erlam

London-based Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as an analyst and financial market operator, he focuses on fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and International Business Times, and he also appears as a regular commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig is a member of the Society of Technical Analysts and is recognized as a certified financial technician by the International Federation of Technical Analysts.

Craig Erlam

Craig Erlam

Sometimes we include links to online retail stores. If you click on one and make a purchase we may receive a small commission.

Source link

Leave a Reply