Gold Moves in Narrow Range Ahead of U.S. NFP Job Results, $15+ Volatility Likely; March 4, 2022

U.S. Non Farm Employment Change & Unemployment Rate

Today U.S. has scheduled to release NFP Job data at 1330 GMT/1900 IST. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. ‘Actual’ greater than ‘Forecast’ is good for currency.

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. If Actual’ less than ‘Forecast’ is good for currency.

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

Feb 04:

Jan 07:

Technical View:

XAU/USD (Gold):

  • The Gold moves in rigid boundaries and consolidates around $1,936 mark.
  • Today pair made intraday high at $1,951 and low at $1,929 mark.
  • A day chart and H1 chart with triple EMA suggest bullish trend for the time being.
  • A sustained close above $1,942 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,931 on H1 will check further supports.
$1,931 $1,942
$1,926 $1,947
$1,918 $1,954
$1,911 $1,960
$1,906 $1,967

Take a look and do trade wisely!
Good Luck