Commodities
Home›Commodities›Precious Metals›Gold breaks above congestion as weaker hiring lifts ra…
Gold breaks above congestion as weaker hiring lifts rate-cut bets
Gold reached a seven-week high after a softer-than-expected employment report lowered expectations for a September Federal Reserve rate hike.
Gold has broken above a multi-week congestion pattern, signaling early momentum for bulls after much of 2026 trended lower from its January peak, according to Yahoo Finance.
The article points to the 20-week simple moving average still hovering overhead as a key technical crossroads, with the question being whether the move can mature into a broader recovery or remain a relief rally within a downtrend.
Gold’s rise was supported by a weaker-than-expected employment report that reduced expectations for a Federal Reserve rate hike in September, helping the metal reach a seven-week high.
Attention now turns to this week’s CPI and PPI releases, with the piece adding that cooler inflation readings could further weaken the case for higher rates; it also notes that while progress toward a temporary truce with Iran has eased some immediate geopolitical anxiety, conditions in the Middle East remain unsettled.
Latest closeGold $4,157.80 ▲0.4%