Gold Exhibits Range Bound Movement Ahead of U.S. NFP Job Results, $17+ Volatility Likely In Gold; Aug 6, 2021
U.S. NFP Employment Change
The most watchful event for the day will be U.S. NFP Job results and unemployment rate. 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. While 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:
- Gold weakens gradually against U.S. dollar and touches $1,797 mark during European Session.
- Today pair made intraday high at $1,804 and low $1,797 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,802 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,795 will check further supports.
Take a look and do trade wisely!