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SpanishGold 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.
| SUPPORTS | RESISTANCES |
| $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
