Gold stabilized

Gold stabilized

Gold stabilized

GOLD – XAUUSD

Gold stabilized above $1,850 an ounce on Monday after a volatile week in the financial markets, as the latest US jobs report surprised markets to the upside and raised concerns of further monetary policy tightening. The first resistance will be $1874 on a further rise and first support will be $1855 on a decline.

Gold stabilized above $1,850 an ounce on Monday after a volatile week in the financial markets, as the latest US jobs report surprised markets to the upside and raised concerns of further monetary policy tightening. Data showed the US economy added 390,000 jobs in May, posting higher than expected and reinforcing bets of additional rate hikes going into the second half of the year. The Fed has raised interest rates by an aggregate of 75 basis points this year and is widely expected to increase rates by another 50 bps at each of the next two meetings in June and July, while its actions after that remain up for debate. Investors now look ahead to the May consumer price index for release later this week to gauge whether US inflation has peaked. Meanwhile, risks to the global economic outlook arising from the war in Ukraine, rising borrowing costs, ongoing supply disruptions and high commodity prices offer the bullion some support.

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