WHAT CAN WE EXPECT FROM XAU/USD BASED ON NFP COMEOUTS?
Happy Friday, TradingView community! You've made it through another successful week of trading (hopefully); however, we're not done yet.
In an hour and a half from the time of writing this post, we're having the NFP data released for US economy as it is the first Friday of the month. Non-farm payrolls give us an insight into the change in Average Hourly Earning, Employment change and subsequent Unemployment rate in the United States. As you might guess, this would be quite an important news release for any world economy. Overall, the projections for this month are quite conservative. Thus, most people expect the more likely scenario of the "Actual" NFP data to be better than the initial forecast. This would be the positive reading for USD and all the pairs that have USD as a first currency. In this case, for XAUUSD we have a drop till 1830s with a further retest and bounce all the way to 1790.
However, we also made sure to include Scenario #2 for the case of "Actual" being lower than the "Forecast" (less likely). It is pretty self-explanatory, yet not as likely as the previous scenario.
Either way, we're looking to clarify some direction for the next week and make some money along the way :)
In an hour and a half from the time of writing this post, we're having the NFP data released for US economy as it is the first Friday of the month. Non-farm payrolls give us an insight into the change in Average Hourly Earning, Employment change and subsequent Unemployment rate in the United States. As you might guess, this would be quite an important news release for any world economy. Overall, the projections for this month are quite conservative. Thus, most people expect the more likely scenario of the "Actual" NFP data to be better than the initial forecast. This would be the positive reading for USD and all the pairs that have USD as a first currency. In this case, for XAUUSD we have a drop till 1830s with a further retest and bounce all the way to 1790.
However, we also made sure to include Scenario #2 for the case of "Actual" being lower than the "Forecast" (less likely). It is pretty self-explanatory, yet not as likely as the previous scenario.
Either way, we're looking to clarify some direction for the next week and make some money along the way :)
