Market Crash Incoming?
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
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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