Dollar assets, which were in depreciation after the non-farm employment report, which came below the expectations last week, gave a sigh of relief to the Ounce Gold side. Especially after the data, we saw that the prices reached the level of 1781 with a sudden increase. However, it can be said that the US 10-year bond yields, which entered a remarkable upward movement with 1.60 percent, suppressed the precious metal increases. On the other hand, the fact that the preserved upward trend in oil prices pointed to the highest level of the last 7 years triggered the inflation concerns in the markets. While this situation triggers the demand for dollars, it can be said that it weakens the interest in safe havens.
While the US markets were calm in terms of data flow on the first trading day of the week, we saw that the number of open jobs in JOLTS decreased for the first time in 8 months yesterday. In the general scenario, we see that the risk appetite is somewhat weak due to increasing inflation concerns, while the dollar index continues to hold at around 94.30. In this context, it can be said that the optimism in the markets after the extension period of the US debt limit weakened somewhat. Especially the minutes of the FOMC meeting, which will be announced today, are the focal point of the markets. It can be said that the weakening in the employment market has weakened the Fed's hand in reducing its bond purchases.
After all these developments, the precious metal, which forced the 1750 support downwards, came back from this level. Especially with the preservation of pricing above this level, we follow the rises in precious metal within the framework of 1805 and 1833 resistance levels above the 1783 resistance level. However, in a possible downward momentum, 1720 and 1690 support levels remain important transition areas, along with 1750 support below.