Be Cautious As U.S. NFP Job Data May Brings High Volatility In Gold; Dec 04, 2020
U.S. Non – farm Employment Change & Unemployment Rate
U.S. will publish job data at 1330 GMT/1900 IST. This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts on U.S. dollar. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold trades flat ahead of U.S. NFP job data. Today pair made intraday high at $1,844 and low at $1,837 mark. A sustained close above $1,840 requires for the upside rally. On the other side, consistent close below $1,840 will check key supports as well. Key support levels are seen around $1,832, $1,827, $1,815, $1,802, $1,787, $1,776, $1,764, $1,758, $1,747, $1,740 and $1,720 mark respectively. Key resistances are seen at $1,842, $1,848, $1,857, $1,876 and $1,882 marks respectively.
Take a look and do trade wisely!