Gold Back Above $1,790 mark, Traders Eye U.S. Prelim Nonfarm Productivity q/q Results; Aug 09, 2022

U.S. Prelim Non Farm productivity q/q

Today U.S. has scheduled to release Prelim Non Farm Productivity data at 1230 GMT/1800 IST. Productivity and labor-related inflation are directly linked – a drop in a worker’s productivity is equivalent to a rise in their wage. When businesses pay more for labor the higher costs are usually passed on to the consumer. There are 2 versions of this report released a month apart – Preliminary and Revised. The Preliminary release is the earliest and thus tends to have the most impact.

Let’s see how Gold has reacted during the previous data release:

May 05:

Feb 03:

Technical View:

XAU/USD (Gold):

  • Gold strengthens on Tuesday and jumps back above $1,790 mark.
  • The pair made intraday high at $1,793 and Low at $1,783 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,794 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,786 on H1 chart will test further supports.
$1,782 $1,794
$1,776 $1,798
$1,772 $1,802
$1,767 $1,808
$1,762 $1,815


Take a look and do trade wisely!
Good Luck