Gold hits new record high as US jobs data add to Fed rate cut bets

Gold rose new all-time high ($2185) after US jobs data, as rise in US unemployment and moderation in wage gains, outweighed stronger than expected acceleration in job growth in February, contributing to expectations that the Fed would start easing its monetary policy in coming months.

Steep bullish acceleration extends into eight consecutive day, with the metal on track for the third straight bullish week and the biggest weekly gains in one year.

Weekly close above former record high ($2141) to add to firm bullish stance and keep focus at the upside, with initial targets laying at $2200 (psychological) and $2250 (Fibo 138.2% projection of the bull-phase from $1614 (2022 low).

Meanwhile, corrective action should be anticipated, due to partial profit-taking on strongly overbought daily studies, with former barriers at $2141/$2100 reverted to solid supports and expected to contain dips.

Res: 2185; 2200; 2226; 2250
Sup: 2154; 2141; 2119; 2100