SPOT GOLD ADVANCES FOR THIRD DAY WITH STIMULUS IN FOCUS

The partial depreciation on dollar assets after the US non-farm payment report for January brought the pricing above 1800 level in Gold again. According to the data, while the country created 49,000 new non-farm jobs in January, hourly earnings were very weak with an increase of 0.2 percent. However, even though there was a pullback movement from 6.7 percent to 6.3 percent in the unemployment rate, the weakness in the general view of the report triggered some concerns about the US economy. On the other hand, the bill, which approved the implementation of the stimulus package, which has been spoken for a while in terms of supporting the recovery in the economy, without the support of Republicans, passed the Senate and sent to the House of Representatives.

Also, it was stated that Vice President Kamala Harris voted in favor of the incentive package in a way that would break the equality of the vote. On the other hand, the risk appetite in the markets increased after US President Joe Biden shared his unease about the economy and called for the incentive package to be put into effect first. Thus, it can be said that the highest levels of US 10-year bond interest rates with 1.18 percent since March have been on the agenda, limiting the weakening dollar effect in Ounce Gold and suppressing the increases somewhat. Following these developments, while the first trading day of the week is quite calm in the USA in terms of data, it is seen that the precious metal completed the day with a lot of buyers around the 1840 level.

Regarding the technical outlook of Ounce Gold, it can be expected that the upward potential will continue to be preserved if the prices are above the critical 1800 threshold. However, we observe the increase of this trend especially within the framework of closures above 1850 resistance. The continuation of the purchasing potential in closings above this level, 1870 and 1890 are important areas of action. However, if the risk appetite in the markets is still high and the dollar index recovers, if pricing below the 1825 level occurs, the declines in the precious metal may intensify the attacks towards the 1800 and 1770 support levels.