U.S. Prelim Nonfarm productivity q/q
Today the only key indicator from the U.S. will be Prelim Nonfarm Productivity q/q. 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 slips back below $1,730 mark.
- Today pair made intraday high at $1,738 and low $1,727 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,749 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,726 will check further supports.
Take a look and do trade wisely!