Gtag:

Gold Hovers around Key Resistance at $1,818 mark Ahead of U.S. Revised Non Farm Productivity Index Results, $12+ Volatility Likely; Sept 02, 2021

U.S. Revised Non Farm Productivity q/q

Today U.S. will release Revised Non Farm Productivity q/q, unemployment claims weekly data and Trade balance m/m data at 1230 GMT/1800 IST. Important to note here that in case of mixed data release, U.S. dollar might be volatile against the major peers.

Productivity and labor-related inflation are directly linked – a drop in a worker’s productivity is equivalent to a rise in their wage. When businesses pay more for labor the higher costs are usually passed on to the consumer. There are 2 versions of this report released a month apart – Preliminary and Revised. The Preliminary release is the earliest and thus tends to have the most impact.

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

June 03:

March 04:

Technical View:

XAU/USD (Gold):

  • Gold rises sharply ahead of U.S. session and hovers around key resistance at $1,817 mark.
  • It made intraday high at $1,817 and low at $1,810 mark.
  • A day chart and H1 chart with triple EMA suggests bullish trend for the time being.
  • A sustained close above $1,821 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,809 will check further supports.
SUPPORTS RESISTANCES
$1,809 $1,821
$1,802 $1,827
$1,796 $1,832
$1,791 $1,838
$1,786 $1,842

Take a look and do trade wisely!
Good Luck

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