Market Outlook
Gold price rise sharply after Nonfarm Payrolls report. - Zeal Capital Market

Gold price rise sharply after Nonfarm Payrolls report.

13-03-2023 08:34

“Nonfarm Payrolls report shows a slowdown in hiring, spurring selloff of greenback.”

US dollar slumped from three-months high, spurred by negative sentiment that surrounds the latest release of employment report from the United States. According to report, Nonfarm Payrolls came in at only 311,000 for the month of February. Although the latest data was higher than expected reading of 205,000, it shows significant depreciation when compared to January’s reading of 504,000. This has spurred speculation that employment market may experience substantial slowdown for months to come, which may eventually dampen Federal Reserve’s possibility to hike interest rates further.

Technical Analysis

Gold price rise sharply after Nonfarm Payrolls report. - Zeal Capital Market

XAUUSD, Daily: Gold price rebounds sharply and closes above 1848.85, which is previous strong resistance level. MACD which shows a change in momentum towards bullish suggests the bullion to extend its gains after breaking the next resistance level at 1891.35.

Resistance level: 1891.35, 1950.10

Support level: 1848.85, 1808.10

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