Gold prices traded volatile on Friday after a US jobs report showing stable close and mixed components. Senior analyst Jim Wyckoff looks at the technical outlook for gold after the latest developments. we too cryptocoin.com We have compiled Jim Wyckoff’s analyzes for our readers along with the developments in the markets.
“Golden bulls and bears are on the short-term technical playground”
The US December employment status report on Friday morning showed an increase of 199,000, after the 210,000 increase in the November report. The market had expected an increase of around 425,000 in the December issue. However, the overall unemployment rate was 3.9% versus the expected 4.1%, compared to the 4.2% reported in the November report. Despite the negative non-farm job number, other components were optimistic for the jobs report. The average hourly earnings figure was a little warm, which affects notions of rising inflation.
In key foreign markets on Friday, Nymex crude futures prices are trading at a two-month high at around $80.15 a barrel. The US dollar index (DXY) was weak earlier today. The yield on the US 10-year Treasury bond currently stands at 1,733%. US bond yields have been rising for three weeks and have taken a big leap this week.
Technically, February futures gold bulls and bears are in the short-term technical playing field in general, according to the analyst. According to the analyst, the next upside price target for the bulls is to close the February futures contracts above the solid resistance at $1,833 this week’s high; The bears’ next short-term bearish price target is to push futures prices below solid technical support at the December low of $1,753. The analyst points to the following technical levels:
Initial resistance is seen at $1,800 followed by Thursday’s high at $1,811.60. Initial support is seen at $1,775 followed by $1,770.
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