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XAU/USD:Gold Slides On Upbeat US Jobs

GOLD prices fell the most in a month last Friday after the US jobs report showed 266,000 jobs had been added in November, the biggest monthly gain since January. The decline meant that the precious metal remained capped at 1,481.98 since November 5. China’s gold reserves stabilized at 62.6 million ounces at the end of November, according to the People’s Bank of China website.

Speculative investors boosted net long positioning to levels not seen since the week of September 24 in the week to December 3, according to the latest data snapshot from CFTC. Gold has been stuck in a downward-sloping channel which began from September 4 which has upper and lower parameters of 1,490 and 1,430, respectively today.

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10 Dec 2019 11:28 am Posted by admin