GOLD GRAM IN EFFORT TO COMPENSATE LOSSES
On the last trading day of the last week, the noticeable deterioration in the employment market with a decrease of 140K people in the non-farm payroll data announced in the USA drew attention. On the other hand, although the average hourly earnings increased by 0.8 percent, the unemployment rate remained unchanged at 6.7 percent compared to the previous month. After this data, the appreciation on dollar assets caused a sudden selling pressure in Ounce Gold prices, while it brought with it a retreat of up to 430.0 in Gram Gold prices.
On the other hand, it is seen that the rise in the US 10-year bond yields by up to 1.12 accelerated the outflows from precious metal. While the expectations for incentive packages from the US elected President Joe Biden create pricing in the markets, precious metals are in an effort to compensate for the sudden decline they experienced this morning. On the other hand, we see that the President of the US House of Representatives, Democrat Nancy Pelosi, announced that Vice President Mike Pence's announcement that they would start the impeachment process immediately if President Donald Trump did not operate the process of dismissal weakens the risk appetite.
In the technical image of Gram Gold, prices have retreated to the level of 430.0, but with the return from this level, it is in an effort to exceed the 445.0 level. Especially in precious metal, with exceeding this level, rises can accelerate with resistance levels of 457.0 and 467.0. However, with the continuation of the strengthening trend in the dollar, we follow the first threshold of 435.0 and the support levels of 427.0 and 415.0 below this level.