Gold struggled to remain above the psychological $1700 level on Friday as markets digested stronger than expected US job numbers. Get your market update from zvawda here:
of particular interest as the core inflation rate is set to rise once more while the inflation rate YoY is set to decline. The prints from these two data points could serve to enhance the Fed’s conviction around rate hikes.policymakers Charles Evans and Lael Brainard speaking. Should policymakers stick to recent rhetoric and not spring any surprises, it’s unlikely these speeches will change the overall sentiment of markets toward the dollar.
US bond markets and most banks are closed today as the US celebrate Columbus Day which could result in less liquidity and volatility as we start the week.From a technical perspective, we are seeing mixed signals for the precious metal. On the weekly timeframe last week’s close completed awhich indicates strong potential for further upside. On the daily timeframe price double-topped last week around the resistance area $1730 before pushing down.
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