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🏆[Weekly] Gold Update: Weak Jobs Data Sparks Explosive Rally!
Gold blazed upward this week, surging +2.39% on Friday and rocketing nearly $300 higher across the week! 🚀
✅ Fundamentals Snapshots
What drove the surge? US jobs data came in far weaker than expected and big downward revisions.
(23,000 jobs lost in July vs. hopes of 80,000 gains)
This sharply cooled expectations for a September rate hike, pulling yields and the US Dollar lower and sending gold soaring as a safe haven.
✅ Technical Snapshots
• Daily: Gold hit $4,341.94, breaking clean above the 20-day moving average and upper Bollinger Band.
RSI rose to 65.46 . A strong momentum and nearing overbought.
• 1-Hour: Holding firm above the mid-band at $4,312.46, with upper resistance near $4,379.
RSI at 66.80 shows sustained buying pressure.
💡 What this means
The previous resistance around $4,260 now acts as support.
Next big test: US CPI data coming up. If inflation cools alongside jobs, $4,500 is well within reach.
Trade carefully and keep risk managed! ✅
Not financial advice. Do your own DD plus risk management.
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