U.S. NFP Job Data May Bring $15+ Volatility In Gold

U.S. NFP Job Data

The most awaited news is here and they are U.S. NFP job data and unemployment rate as well. The simple principle to strengthen U.S. dollar is, employment data must increase and unemployment rate must decrease than expected one. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. The market prediction regarding NFP job data is 1385K, actual reading must be higher than this and unemployment rate must be lower than predicted one 9.8 pct.

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

Aug 07:

July 02:

Technical View:

XAU/USD (GOLD): Gold trades slightly up and stabilizes above key support at $1,922 mark. Today pair made intraday high at $1,942 and low at $1,925 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,922, $1,910, $1,902, $1,890, $1,876, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,947, $1,958, $1,970, $1,982, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.

Take a look and do trade wisely!

Good Luck