Good Friday, traders! The markets are frozen ahead of today's NFP release at 15:30 GMT+2…
Gold Outlook Ahead of NFP
Good day for all traders out there! We prepared a gold analysis and a bunch of other news for you to enjoy! Here's what you should know:
Event of the day:
US NFP, unemployment rate, and average hourly earnings, at 15:30 GMT+3.
Gold outlook ahead of the NFP release:
The US job market is still tight, perhaps not as tight as it has been. A report from the Labor Department Friday is expected to show that employers added about 25% fewer jobs in October than they did the month before.
Thus, the actual NFP data due to come out today at 15:30 GMT+2 may be lower than expected and push the gold higher to the resistance of $1662. Still, this is a short-term expectation from the metal. On the bigger timeframe, gold is still in the downtrend, with a high chance of reaching the support of $1557.
Other important news to follow
- ECB President Kristine Lagarde said they must not let the high inflation become entrenched. Meanwhile, EURUSD is on the way to 0.9800, up from 0.9762 a couple of hours earlier.
- UK construction activity continues to rise in October, but new orders fall for the first time since May 2020. GBPUSD touched the 1.1150 support, then bounced.
- China President Xi Jinping and German Chancellor Olaf Scholz agreed to develop deeper economic relations to contribute to world peace and development.
- Crypto news: Polygon (MTCUSD) skyrockets 20% after rapid growth in huge transactions inside the network.
- Bank of England governor Bailey said there are probably the most considerable upside risks in inflation forecasts in the history of England.
- Reserve Bank of New Zealand sees inflation at 4.75% in December 2023 vs. 4.25% in the prior statement. NZDUSD is up 900 points over the last 24 hours.
Have an excellent trading session, and stay focused!
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