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The employment data eased investors’ anxieties about a potential imminent interest rate hike by the Federal Reserve. – Success Finance Group Warning: mysqli_query(): (HY000/1021): Disk full (/tmp/#sql-temptable-4723-2354ed-1a5a.MAI); waiting for someone to free some space... (errno: 28 "No space left on device") in /data/successfn.com/wp-includes/wp-db.php on line 2024
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The employment data eased investors’ anxieties about a potential imminent interest rate hike by the Federal Reserve.
Earlier concerns among some investors regarding the Federal Reserve’s need to raise interest rates to curb inflation, and the fact that the Fed has a basis for such a move, have been temporarily alleviated. This is because the latest US June non-farm payroll data showed 57,000 jobs, lower than the consensus expectation of 110,000, and the previous figure was also significantly revised downwards from 172,000 to 129,000. This crucial data reflecting the state of the US job market should discourage Fed officials from actively considering rate hikes, as maximizing employment is one of the Fed’s key functions.
Therefore, the employment data has eased investors’ anxieties about an imminent rate hike by the Fed, which should boost the willingness to buy gold on dips. After a short-term digestion of profit-taking at higher levels, gold prices should gradually find support around $4,049.
A short position can be established around $4,237, with a short-term target of $4,049 for profit-taking and a stop-loss at $4,257.
