- US Nonfarm Payrolls exceeded estimates of 200K, while the unemployment rate edged lower.
- Average Hourly Earnings were lower than the 5% foreseen, signaling the absence of a wage spiral.
- Gold Price Forecast: To find solid resistance around $1,852-$1,860.
Gold price extends its gains after the US Nonfarm Payrolls showed the US economy added more jobs than estimates while the rate of unemployed Americans edged lower. At the time of writing, XAU/USD trades volatile around the $1,837-$1,844 range.
The US Bureau of Labor Statistics revealed that December’s Nonfarm Payrolls rose by 223K above the 200K estimates, signaling the robustness of the labor market and justifying the need for further Federal Reserve (Fed) action. In the meantime, the Unemployment Rate tumbled to 3.5%, while Average Hourly Earnings dropped to 4.6% YoY, vs. estimates of 5%.
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