Gold Stabilises Above $1,780 mark Ahead of U.S. Non – Farm Employment Change Data, $15+ Volatility Likely; July 02, 2021

U.S. Non Farm Employment Change

The most awaited day is here as traders eye U.S. NFP job data to predict the further directions 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. If the actual results come higher than forecasted, it will be good for U.S. dollar.

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

June 04:

May 7:

Technical View:

XAU/USD (Gold):

  • Gold rises on Friday ahead of U.S. NFP Job Data.
  • Today pair made intraday high at $1,784 and low $1,774 mark.
  • A day chart is bearish for long term but H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,784 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,771 will check further supports.
$1,771 $1,784
$1,765 $1,789
$1,761 $1,794
$1,757 $1,799
$1,752 $1,805

Take a look and do trade wisely!
Good Luck