Gold Analysis: Post NFP
Last Friday U.S. job market report printed better than forecasted. average hourly earnings have increased to 0.4% whether market expectation was 0.3%. Non-Farm employment change has added 943k jobs last month though the expectation was only 870k. and even, unemployment change has also beat the market expectation that printed 5.4%.
Fundamentally, USD is in a good position though FED will not hike rates within 2 years. as the labor market reports beat the market expectation unless covid cases increase in a high number in the USA, we may see a positive impact on USD. The upcoming CPI report may be positive as earnings came positive last Friday.
From the technical perception, Look at the daily chart...
From the present gold price, 1750 is identifying as support. Breaking below 1750 may open the door for the 1680/1685 price zone. The last strong support was the 1800/1810 price zone. we may also see an upward correction a well. so, we may sell near the 1800/1810 price zone or break below the 1750 price zone. stop-loss should be above the 1840 price zone.
Fundamentally, USD is in a good position though FED will not hike rates within 2 years. as the labor market reports beat the market expectation unless covid cases increase in a high number in the USA, we may see a positive impact on USD. The upcoming CPI report may be positive as earnings came positive last Friday.
From the technical perception, Look at the daily chart...
From the present gold price, 1750 is identifying as support. Breaking below 1750 may open the door for the 1680/1685 price zone. The last strong support was the 1800/1810 price zone. we may also see an upward correction a well. so, we may sell near the 1800/1810 price zone or break below the 1750 price zone. stop-loss should be above the 1840 price zone.
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