US Jobs Report

US Jobs Report Likely to Inform Inflation Narrative – GoldSilverReports

  • US jobs report likely to inform inflation narrative, US Dollar and Gold price.
  • If the labor market is strong, the Federal Reserve could plough ahead with larger rate hikes. 
  • Gold price could continue south if a strong result solidifies expectations of a 0.5% rate hike in March.

Gold price has been in a downward spiral since the start of February, and with the next major release for the commodity likely to be the US Bureau of Labor Statistics US jobs report for February, scheduled for release on Friday, March 10, traders may be wondering whether this will continue.

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Gold

Gold Bears Brace For $1,782 With Eyes on US NFP | Neal Bhai

Gold remains offered around $1,801, down 0.18% intraday, while keeping the break of key support during Friday’s Asian session. While strong rebound of the US Treasury yields and record equities weighed on the metal prices the previous day, firmer US dollar and cautious mood seem to favor sellers of late.

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US Dollar Grinds at Key Support Ahead of Non-Farm Payrolls (NFP)

Gold Silver Reports (GSR) – The US Dollar continues to battle with the 95.00 level, and this most recent test comes with a bit of heightened interest: Last week saw sellers drive below the level only to be followed by buyers pushing off of the August lows into month-end. This came along with a resistance reaction at a big area in EUR/USD. Yesterday saw resistance in USD/DXY at the June and July highs around 95.53, and this adds further questions to the sustainability of US Dollar strength as we move towards the end of Q3.                    

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