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U.S. jobs data fall short of expectations, gold prices soar to record highs
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Decision Analysis]: U.S. employment data is lower than expected, and gold prices soar to a historical high." Hope it will be helpful to you! The original content is as follows:
On Friday (September 5), during the early trading session of the United States, gold prices rose sharply and hit contract highs/historical highs due to the weak employment data of non-farm employment. The gold futures for December delivery were intraday at $3,641.60 per ounce (currently gold futures were about $50 higher than gold spot), up $35.90; the silver futures for December delivery were intraday at $41.90 per ounce, up $0.483.
The U.S. Department of Labor just released its employment report for August, showing that the number of key non-farm employment increased by only 22,000, far below the expected value of 75,000; the unemployment rate was 4.3%, the same as market expectations. The report is clearly beneficial to the "dove" of US monetary policy that advocates faster rate cuts. After today's employment report is released, the market currently expects the Federal Reserve to implement three 25 basis points rate cuts this year.
The New York stock market is expected to open firmly today, while the global stock index trends are diverging overnight.
Key peripheral markets today: the U.S. dollar index fell sharply and hit a five-week low; crude oil futures also fell, trading at about $62.75 per barrel; the benchmark 10-year U.S. Treasury yield is currently 4.099%, down from before the employment report was released.
Other news, Canadian and U.S. officials agreed to hold technical talks on industry tariffs after meeting with U.S. www.xmhouses.commerce Secretary Howard Lutnick. Canadian Cabinet Minister Dominic LeBlanc said the talks were intended to reach a consensus on the relevant plans that could lead to a series of small agreements that would put Canada in a more favorable position.Bit. Canada's steel, aluminum, automobile and wood exports are currently facing U.S. tariff restrictions. On Wednesday, Canadian Prime Minister Mark Carney told reporters that he had a "very constructive" conversation with President Trump earlier this week and believed the two sides could reach an agreement on industries affected by the tariffs.
President Trump has signed an executive order to implement a trade agreement between the United States and Japan, imposing a tariff of up to 15% on most Japanese products. The agreement contains a www.xmhouses.commitment: Japan will set up a $550 billion U.S. investment fund, and the United States will cancel some tariffs on aircraft, aircraft parts and generic drugs. Under the executive order, tariff reductions on aerospace and automobile imports will take effect within 7 days. The news boosted sentiment in the Asian market overnight.
On the eve of the "OPEC+" meeting on September 7, crude oil futures prices fell in the later period of this week. Energy analysts believe the Organization of the Petroleum Exporting Countries may approve further increases in crude oil supply. "OPEC+" www.xmhouses.completed the restart plan for the daily 2.5 million barrels of idle crude oil production capacity at its last meeting. This time, an online meeting will be held on Sunday to determine the next action. As Bloomberg reported, www.xmhouses.commerzbank analysts Barbara Lambrecht and Carsten Fritsch wrote in a report: "If the eight OPEC+ members agree to increase production again, we believe this will put huge downward pressure on oil prices. After all, the market is currently at a significant risk of oversupply."
Technical Analysis
December Gold Futures: The bulls have a clear advantage in the overall technical aspects in the near future. The next upward target of bulls is to push futures closing prices to break through the key resistance level of $3,700.00; the recent downward target of bears is to push futures prices below the key technical support level of $3,500.00. The first resistance is looking towards $3650.00, with the further resistance at $3675.00; the first support is looking towards $3600.00, with the further support at Thursday's low of $3573.70.
December silver futures: The bulls also have a solid advantage in the overall technical aspects in the near future. The next upward target for silver bulls is to push the closing price to break through the key technical resistance level of $45.00; the near-term downward target for bears is to push the closing price below the key support level of $38.00. The first resistance is looking towards the week's high of $42.29, with further resistance at $43.00; the first support is looking at $41.00, with further support at the week's low of $40.555.
22:35 Beijing time, spot gold was $3584.87 per ounce, an increase of 1.11%. www.xmhouses.comEX gold was $3639.7 per ounce, up 0.91%. Spot silver is 40.944 USD/oz, www.xmhouses.comEX silver is 41.5$40 per ounce, up 0.30%.
The above content is all about "[XM Forex Decision Analysis]: US employment data is lower than expected, gold prices soar to a record high". It is carefully www.xmhouses.compiled and edited by the XM Forex editor. I hope it will be helpful to your trading! Thanks for the support!
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