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November 6, 2020

Get Ready to Trade U.S. NFP Job Data, $12+ Movement Expected in Gold; Nov 06, 2020

U.S. NFP Job Data

This week ends with the U.S. NFP job data as most traders keep their eyes on the same to forecast the future directions of the U.S. dollar. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. 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:

Oct 02:

Sept 04:

Technical View:

XAU/USD (Gold): Gold rose extremely in previous session and currently trading around $1,950 mark. Today pair made intraday high at $1,951 and low at $1,935 mark. A sustained close above $1,949 requires for the upside rally. On the other side, consistent close below $1,902 will check key supports as well. Key support levels are seen around $1,894, $1,882, $1,876, $1,857, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,952, $1,964, $1,972, $1,976 and $1,984 marks respectively.

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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