Gold Daily Analysis : May 10, 2021 - The Impact of US Labor Data on Gold

The daily analysis of gold on May 10, 2021 will discuss the price of Gold which jumped to its highest level in Friday trading last weekend. Gold's pace of increase was boosted again when the release of negative US labor data was released. The highest level achieved this time is higher since November last year, in addition to the negative labor data release, the monthly unemployment number data has also increased. That is what catapulted the price of Gold. Trading the Asian market session today, it is estimated that Gold will still try to continue its gains. Many economists argue that the current increase in Gold prices will not last long. This is explained that in the previous data was released at the same time as the US economy level was just normalized, therefore the next month's data is very likely to occur the data will show the opposite. However, regarding the prediction of the Fed's interest rate hike, it has begun to ease. The US Dollar is predicted to still weaken against other major currencies in Monday trading earlier this week. This is the result of market participants who consider that monetary policy as a result of the US employment report released is not good, but the focus of market participants will be on the release of inflation data this week. The United States only released about 226,000 far below the forecast and the previous period and the unemployment rate also surprisingly increased. After the release of NFP data last week, it has changed speculation that post-pandemic economic recovery activities will be able to cause a faster increase in inflation, so that it can be anticipated by the Federal Reserve. The US Dollar Index is currently at 90.178, previously at 90.128 and is the first time since last February.

Gold Daily Analysis Prediction

Today's prediction on the EMAS pair, is expected to continue its decline, and the recommended OP (Open Position) is SELL at the level of 1825.00, with a Target Profit (TP) of 5-10 points and a Stop Loss of 3-5 points. This the daily analysis of gold on May 10, 2021 regarding the impact of US labor data on gold prices. Keep Money Management and Risk Management a priority in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.