Gold Price Forecast for the next week 8.12 february 2024

The US dollar fell today against the major currencies, and gold price was able to resume its rise above the level of $ 1800 an ounce after the release of the US labor market report for the month of  least day in January, which showed that 49,000 jobs outside the agricultural sector were added, slightly less than expectations that indicated the addition of 50 thousand jobs After losing 140,000 jobs in December, they were revised today to 227,000, and the November reading was revised to add 336,000 jobs to only 264,000.so look to sell gold price in the next week.

Gold price forecast

While the report showed at the same time that the unemployment rate decreased to 6.3% in January, while it was expected to remain again at 6.7%, as it was in December and November, to continue the decline that began after reaching 14.7% in April as a result of the ban caused by the Corona virus, after it was At its lowest rate since December 1969, scoring 3.5% in February.so the gold price can go down in the next week.

Gold price forecast and analysis

The price of disguised unemployment that counts workers for a part of the day who want to work for a full day came in a new decline, with it falling to 11.1% in January after falling to 11.7% in December from 12% in November, thus continuing to decline this rate continuously since reaching it in Last April, 22.8% that of the last week.

As for the inflationary pressures of wages in the United States during the month of January 2021 , the labor market report today showed an increase in the average hourly wage by 5.4% annually again, as happened in December, to reach $ 29.96, while an increase was expected by only 5.1%, which shows the increase in pressure Inflationary wages supported the demand for gold PRICE as a hedge against inflation, as it is currently trading near $ 1810 an ounce, after it was at $ 1795 an ounce before the release of this data.

Gold price forecast for week

all this news will push gold price to go down

Whether the rise in wage inflationary pressures reflects a strength in demand, which is positive, or an increase in the cost of production at this stage, which is negative, but in the end it certainly shows a growing wage inflation within the job market that motivates investors to hedge against inflation, especially with no waiting time. Markets for any close intervention by the Fed to block the rise in inflation.SO LOOK AND THINK TO TRADE GOLD PRICE LIKE A SELLERS.

 Gold Price Forecast for the next week 8.12 february 2024

As previously stated, Federal Reserve Chairman Jerome Powell during the annual Jackson Hole meeting last August, “The Fed is ready to accept inflation levels greater than the 2% it targets annually as compensation for what inflation has gone through from below this rate during the crisis.”

Gold price forecast today

And as he stated last week 1,5 february  during the press conference that followed the market committee’s maintenance of the interest rate unchanged between 0.25% and zero, “The Fed can deal with a slight increase in inflation above its annual target without taking new measures that limit its stimulus to the economy, which stressed its necessity with the continuation of the situation. Uncertainty about the future economic performance of the United States.that is the new news for gold price

While the economy remains very far from emerging from the crisis that may need more government support despite the great effort that has already been made since the beginning of the crisis, it is too early to talk about a reduction in the amount of the current stimulus provided by the federation at a time when the negative effects of the virus continue to cause Weakening economic activity.

invest in gold price like a sellers

Gold price forecast this week

It also causes a decrease in the pace of job creation in a number of sectors affected by closures to contain the virus, as there are still 9 million job seekers outside the labor market due to the negative impact of the virus on demand, while job demand tends to stabilize after its rise last year with the recovery of the economy thanks to what has been taken from Actions by the Federal Reserve and Congress to stimulate the economy ” all this news can push gold price  to go down

This is in line with the job market data that we saw today, which is not expected to reduce the amount of the Fed’s purchase of treasury bills soon, which reached $ 120 billion per month, with the Fed’s confirmation of the continuation of this stimulus policy by pressuring the cost of borrowing until it reaches its goals.

Gold price forecast next week

Gold price will go down in february 2024

To keep the Federal Reserve working in this way in line with the government stimulus plans announced by the new Treasury Secretary Gant Yellen, who in turn assured the Senate that there will be no increase in corporate taxes to finance its expansion plans to revive the real economy by saying that “there will be no new taxes on companies until it recovers.” The economy is completely one of the negative effects of the virus. “so look to sell gold prce for the next week but wait to sell gold price in the resistance area as you look in the chart below.