Gold futures inch back toward $1,800 after sharp weekly drop

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Gold futures traded slightly higher on Monday morning after the sharpest weekly slump since late November, with bullion attempting to retake a post at $1,800.

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February Gold GCG22,
+0.06%

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GC00,
+0.06%
After a 1.7% weekly slide for the commodity, $3.10, or 0.2%, was at $1,800.50 an ounce, marking the sharpest weekly decline since November 26, making it the most active contract since December 21. Brings it at a low cost. ,

Kinesis Money analyst Carlo Alberto De Casa wrote that a trade above $1,800 is a positive sign for bullion, but added that he would look to push the yellow metal towards the resistance near $1,830 to confirm its strength. are looking for.

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“From a technical point of view, the $1,800 mark shows strength, even though we will only have a clear positive signal with the price returning above the $1,830 resistance area,” he wrote.

On Friday, gold managed to rally after a report on the US labor market showed the country created 199,000 new jobs in December, far short of more than double that figure was estimated. However, the unemployment rate fell from 4.2% to a pandemic low of 3.9%.

Jekyll-and-Hyde US Jobs Report Isn’t As Ugly As It Looks

Gold and other precious metals have been pressured by the prospects of tighter monetary policy from the Fed and it is not clear what, if any, impact Friday’s data will have on the central bank, which is scheduled for January 25-26. Will meet.

Meanwhile, March silver SIH22,
+0.00%
It was to trade less than 1 percent, or 0.1%, at 22.43 after a 4% weekly loss on Friday.

Commodity investors can look for inflation data starting with a consumer-price index reading on Wednesday and an update on US retail sales on Friday, which could impact trading in metals.

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