Once the market has ceased to have an interest in safe assets gold again came under pressure in response to the expectations of the US Federal Reserve monetary policy. Today’s data on the labor market, as a whole, were quite optimistic for views on a possible rate hike already in one of the next meetings strengthened. Unemployment has reached the lowest level since 2008 (5.1% against 5.3% in July). Average hourly earnings rose by 0.3% after rising 0.2% the previous month. And it already gives reason to speak of the probability of gradual acceleration of inflation on the salary level. All this contributes to the growth of the dollar and putting pressure on gold.
The area is marked support level 1113.62. In addition, the asset is held below the 50 moving average interval. A break of this level could trigger increased activity of “bears“, which will put additional pressure on the yellow metal.
|Gold futures chart|
Warning: Profitability in the past does not mean profitability in the future. Any projections are for information only and does not guarantee a result.