Gold Awaits US Jobs Data

Gold Awaits US Jobs Data

2021-09-01 • Updated

During this week gold has been consolidating in the $1807-$1820 range waiting for the US jobs data announcement. After the past release on August 6, gold fell by almost 6%.

Why is it so important?

Last week, Fed Chair Jerome Powell acknowledged in his remarks at the Jackson Hole symposium that tapering could begin this year, but the Fed will remain cautious in its decision to raise interest rates.

The labor market is one of the main indicators of the US economic health, which recovery can push the Federal Reserve to start pandemic stimulus tapering and interest rates increasing.

While gold is considered a hedge against inflation and currency debasement, caused by massive stimulus measures, higher interest rates can weaken investors’ interest in gold.

Technical analyses  

4H Chart

XAUUSDH4.png

Gold did not show an expected response to the dovish Powell’s speech. It means markets recognize that the direction for policy is now starting to wind back stimulus. In this case, any hawkish statement can weaken gold and sent it down to $1700 in a couple of hours. In this case, it looks risky to open any trades before the jobs data announcement.

  • If the jobs data announcement is better than expected, the gold will drop with a target of $1730.
  • If the jobs data announcement is worse than expected, the gold will rise with a target of $1830.

TRADE NOW

Similar

September 20-25 Trade Ideas
September 20-25 Trade Ideas

US stock market corrects, gold recovers and the crypto market drops hard! Best trade opportunities during this week in the article! Let’s check the charts and set some goals! NASDAQ (US100) US100 index plunges as the US dollar strengthens…

Quadruple Witching is a Magical Day for Markets
Quadruple Witching is a Magical Day for Markets

Besides US Retail Sales data, Australian Unemployment Rate and New Zealand GDP this week will bring us Quadruple Witching – one of the four most important days of a year for futures and options!

Latest news

Novavax is Under Attack
Novavax is Under Attack

Novavax tried to fulfill more than 2 billion doses of vaccine, but the campaign is now delaying too much due to production lags. Is that a sell sign for investors?

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera