FX markets Flat on Good Friday, Markets Await U.S. NFP Job Results; March 02, 2021
U.S. NFP Job Results
Today U.S. will release NFP job data at 1230 GMT/1800 IST. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts. On the other side, unemployment rate is generally viewed as a lagging indicator. The number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country’s monetary policy.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): The Gold remained closed for the day on the observance of the Good Friday. A day chart with triple EMA confirm bearish trend for the time being while H1 chart suggest short term trend reversal for the time being. A sustained close above $1,732 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,708 will check further supports too.
Key Resistances: $1,732, $1,738, $1,742, $1,748, $1,754
Key Supports: $1,702, $1,694, $1,685, $1,676, $1,670
Take a look and do trade wisely!