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Gold Enjoys Roller Coaster Movement Ahead of U.S. Revised Nonfarm Productivity Results, $9+ Volatility Likely; Dec 07, 2021

U.S. Revised Nonfarm Productivity q/q & Trade Balance Results

Today U.S. has scheduled to release Nonfarm Productivity Data at 1330 GMT/1900 IST. 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. In addition, U.S. will release Trade balance results at the same time. In case of mixed data reelase, U.S. dollar may get volatile for that particular time frame.

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

Sept 02:

June 03:

Technical View:

XAU/USD (Gold):

  • Gold remains volatile on Tuesday ahead of U.S. Session and hovers around $1,780 mark.
  • Today pair made intraday high at $1,784 and low at $1,776 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,784 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,776 will check further supports.
SUPPORTS RESISTANCES
$1,772 $1,787
$1,767 $1,792
$1,762 $1,799
$1,757 $1,804
$1,752 $1,809

Take a look and do trade wisely!
Good Luck

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