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Gold's Subdued Reaction: $3343 Low Despite Disappointing Jobs Report
Gold declined slightly despite a weak US nonfarm payroll. It hit an intraday low of $3343 and is currently trading around $3359.
|
Month |
Actual NFP |
Unemployment Rate |
Avg. Hourly Earnings (YoY) |
|
May-25 |
139,000 |
4.20% |
~3.7% (expected) |
|
Apr-25 |
177,000 |
4.20% |
3.80% |
Rate Hike Bets Cool: Fed Watch Sees Near-Certain June Pause
According to the CME Fed Watch tool, the chances of a rate pause on the June 18th, 2025 meeting have increased after US jobs data sharply to 99.80% from 96.60 % a day ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above the short-term moving averages of 34 EMA and above 55 EMA and the long-term moving averages (200 EMA) on the 4-hour chart. Immediate support is at $3340 and a break below this level will drag the yellow metal to $3330/$3300/$3270/$3245/$3230/$3200/$3165/$3135/$3100/$3000. The near-term resistance is at $3400 with potential price targets at $3415/$3465/$3500.
It is good to buy on dips around $3318-20 with a stop-loss at $3300 for a target price of $3385.
