Gold Spikes Down Sharply Ahead of U.S. NFP Job Results, $15+ Volatility Expected; Jan 08, 2021

U.S. NFP Employment Change & Unemployment Rate

The most awaited day is here. All traders across the globe have put their eye on U.S. NFP job data to predict the future direction of the U.S. dollar. 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.

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

Dec 04:

Nov 06:

XAU/USD (Gold):

Gold spikes down sharply in European hours and touches $1,877 mark. The pair made intraday high at $1,917 and low at $1,877 mark. On the top side key resistances are seen at $1,902, $1,908, $1,922, $1,927, $1,932, $1,940 and $1,948 mark respectively. Alternatively, key supports are seen around $1,876, $1,872, $1,867, $1,860 and $1,852 mark respectively.

Take a look and do trade wisely!
Good Luck