Gold Prices were knocked Today

Gold prices were knocked by another hot report coming out of the US. The Gold slipped around half a percent and was trading near $1,930-1940 per troy ounce earlier today. Another day in the red would extend gold’s losing streak to three as it hovers near a three_week low already.

Economic data from the USA showed private employers added 324,000 jobs to the labor force, topping estimates of 189,000 new hires. The figure was lower than the 455,000 added in June, revised downward from 497,000. Still, the current hot report raised concerns among investors that the Fed’s work on the rate-hike front is not yet finished.

Technically, the chart is painting a rather mixed scenario. On the one hand, Gold (XAUUSD) has just moved under the 50-day and the 100-day SMA, signaling a mid-term bearish sentiment. But on the other end, the large-cap asset is still above the 200-day SMA, indicating long-term bears are not here just yet.

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