Gold Moves in Rigid Boundaries Ahead of U.S. NFP Job Data, $15+ Volatility Likely; July 08, 2022
U.S. NFP Non Farm Employment Change Results
Today the most awaited data will release from the U.S. officials and that is U.S. NFP Job data and unemployment rate. 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 bullish for the USD, while a lower than expected reading should be taken as bearish for the USD.
Let’s see how gold has reacted during the previous data release:
- Gold failed to break major support at $1,730 mark and consolidates around $1,740 mark.
- The pair made intraday high at $1,746 and Low at $1,733 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,748 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,736 on H1 chart will test further supports.
Take a look and do trade wisely!