Gold prices rose to $1226.960; its highest since November as the Fed rate hike bets dropped following a weaker-than-expected US wage growth numbers released on Friday.
March Fed rate hike bets dropped from 18% to 13% after the data released in the US showed slack in the labor market coupled with a slowdown in the wage growth in January.
The weak data made sure the Dollar Index ended weak for the sixth straight week. The greenback remains on the back foot around 99.70 this Monday morning. Consequently, the metal rose to the levels last seen in November.
Gold Technical Levels
The metal was last seen trading around $1225/Oz. A break above $1229.30 (Nov 16 high) would expose $1249.50 (Oct low). On the downside, the session low of $1220 could offer support, which, if breached would shift risk in favor of drop to $1200 (zero figure + May 2016 low).
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