Gold prices attracted new sellers after the Asian session jumped to the $1,944 region on Friday and hit a new daily low in the past hour, albeit to no avail. XAU/USD is currently trading just below $1,940, virtually unchanged today, as traders patiently await closely watched monthly jobs details from the United States (US) ahead when betting in new directions.
The widely known Nonfarm Payrolls (NFP) report will be released during the first North American session and will influence expectations about the Federal Reserve's (Fed) next policy move. . This, in turn, will determine the short-term volatility of the US Dollar (USD) and provide a meaningful boost to Gold prices. Meanwhile, uncertainty over the Fed's future path to rate hikes did not aid the USD in capitalizing on the overnight recovery from a two-week low and acted as a drag on commodities. Goods are priced in US dollars.
The widely known Nonfarm Payrolls (NFP) report will be released during the first North American session and will influence expectations about the Federal Reserve's (Fed) next policy move. . This, in turn, will determine the short-term volatility of the US Dollar (USD) and provide a meaningful boost to Gold prices. Meanwhile, uncertainty over the Fed's future path to rate hikes did not aid the USD in capitalizing on the overnight recovery from a two-week low and acted as a drag on commodities. Goods are priced in US dollars.
Comment:
Recently, the published economic data points towards a bad Nonfarm situation, which has supported the increase in Gold prices. However, the market may also have "digested" before expectations. And buying rumors, selling facts can happen when Nonfarm makes a good announcement. A good Nonfarm data will show that the labor market is still very strong and that is the basis for the FED to continue pursuing its hawkish monetary policy, thereby putting pressure on Gold.
Comment:
NONFARM news plan
SELL GOLD | 1956 - 1953
🔴 SL: 1961
TP1: 1948
TP2: 1940
🕯 BUY GOLD | 1923 - 1926
🔴 SL: 1918
TP1: 1931
TP2: 1936
SELL GOLD | 1956 - 1953
🔴 SL: 1961
TP1: 1948
TP2: 1940
🕯 BUY GOLD | 1923 - 1926
🔴 SL: 1918
TP1: 1931
TP2: 1936
Comment:
🔹Nearly 90% of debt cancellation benefits will go to borrowers earning less than $75,000, per the White House.
Gold's momentum shows a lack of buyer confidence through the latest pullback from the 61.8% Fibonacci retracement level of the July-August drop around $1,948.
Also depicting a pullback of the uptrend is a pullback in the Relative Strength Index (RSI) line, set at 14, from the overbought zone, as well as an impending crossover on the Moving Average indicator convergence and divergence (MACD).
Gold is waiting for a correction to 1935$ and 1927$ in the near future.