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:
- 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.
Take a look and do trade wisely!