FXStreet (Edinburgh) – Prices for the yellow metal are extending the weekly decline on Friday, now testing the vicinity of $1,120 per ounce.
Gold softer on Payrolls
The troy ounce of the precious metal is closing the week with losses as market expectations of a rate hike by the Fed this month remains well and sound after the healthy prints from the US labour market during August.
It is worth noting that Non-farm Payrolls came in on the softer side at 173K vs. 220K expected, although higher revisions in previous months plus a multi-year low in the jobless rate at 5.1% gave extra legs to the selling sentiment around Gold.
Gold key levels
As of writing Gold is down 0.30% at $1,121.10 with the next support at $1,116.10 (low Sep.4) followed by $1,108.50 (low Aug.18). On the upside, a surpass of $1,147.30 (high Sep.1) would expose $1,156.30 (high Aug.25).
(Market News Provided by FXstreet)