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May 6, 2022

Gold Back Above $1,880 mark Ahead of U.S. NFP Employment Change Data, $11+ Volatility Likely; May 06, 2022

U.S. NFP Employment Change Data

The Second biggest news after FOMC is U.S. NFP Employment Change data scheduled at 1230 GMT/1800 IST. This is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts. 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:

April 01:

March 04:

Technical View:

XAU/USD (Gold):

Gold rises on Friday ahead of U.S. NFP job data and trading around $1,880 mark.
Today pair made intraday high at $1,884 and low at $1,866 mark.
A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $1,882 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $1,870 on H1 chart will test further supports.

SUPPORTS	RESISTANCES
$1,864	$1,889
$1,857	$1,894
$1,852	$1,899
$1,847	$1,904
$1,841	$1,909

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills

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