Mixed U.S. Jobs Report Helps Gold Rise For the First Time in Four Sessions
Gold futures turned higher on Friday, on track to rise for the first time in four sessions as the U.S. dollar on the back of a U.S. monthly jobs report.
Gold ticked up to around $1175.00 per ounce, paring their loss for the week after the U.S. government data showed that the economy added 178,000 new jobs in November with unemployment rate falling to a nine-year low in the month.
The U.S. dollar index, which measures the greenback against a half-dozen rivals, lost 0.28% to 100.68 on Friday, contributing to a weekly loss of roughly 0.8% as Friday’s jobs results were considered to be mixed. Although the jobless rate dropped to its lowest level since August 2007 at 4.6%, the labor force contracted by 226,000, sending the participation rate to 61.7 from 62.8 percent, the lowest since June. Additionally, wage growth declined 0.1% on a monthly basis, which is somewhat bullish for longer-term treasuries and negative for the dollar.
Buy Stop at 1175.00, Take profit at 1190.00, Stop loss at 1170.00