Gold Rises Ahead of U.S. NFP Job Results, $15+ Volatility Likely During Fundamental News; Feb 04, 2022
U.S. NFP Employment Change Data
Today the key indiacator from the U.S. will be U.S. NFP job resutls and unemployment Rate scheduled at 1330 GMT/1900 IST. 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. In addition, 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:
- The Gold trades marginally higher on Friday ahead of U.S. NFP job data.
- Today pair made intraday high at $1,810 and low at $1,804 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,810 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,799 on H1 will check further supports.
Take a look and do trade wisely!