Gold Outlook Ahead of NFP

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.

XAUUSDH4.png

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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