U.S. NFP Job Data
The most awaited event is here. The U.S. is going to release NFP job data at 1230 GMT/0600 IST. Market expects NFP job data around 1,530K vs 4,800K previous release. In addition, unemployment rate is expected to come down to 10.5 pct vs 11.1 pct previous release. If actual NFP data comes greater than forecasted then it is good for U.S. dollar. In case of unemployment rate, actual rate must be less than forecasted then U.S. dollar will be appreciate.
Let’s see how gold has reacted during the previous data release:
XAU/USD (GOLD): Gold moves in rigid boundaries ahead of U.S. NFP job data. Gold created new historical high of $2,075 mark in early Asia. Today pair made intraday high at $2,075 and low at $2,051 mark. A sustained close above $2,063 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $2,048, $2,040, $2,034, $2,009, $1,999, $1,987, $1,956, $1,947, $1,942, $1,931, $1,912, $1,907, $1,881 and $1,862 mark respectively. Key resistances are seen at $2,076, $2,082, $2,088, $2,094 and $2,111 mark respectively.
Take a look and do trade wisely!