Gold Moves in Rigid Boundaries Ahead of U.S. NFP Job Data, $15+ Volatility Likely in gold; Aug 05, 2022
U.S. NFP Employment Change Results
Today U.S. will come up with the most awaited data and that is U.S. NFP Employment Change and Unemployment Rate scheduled at 1230 GMT/1800 IST. Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
Let’s see how gold has reacted during the previous data release:
- Gold weakens ahead of U.S. NFP job data and hovers around key support at $1,784 mark.
- The pair made intraday high at $1,794 and Low at $1,785 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.
Take a look and do trade wisely!