XAUUSD 4/8 : Nonfarm news prediction
Updated
Fundamental analysis:
Yesterday was a market day with almost no big changes when everyone was waiting for Nonfarm payrolls
Today promises to be very turbulent, not only because of Nonfarm but also the OPEC+ meeting. If oil prices stay above the $80 threshold, the story of escalating inflation will return and central banks will have a headache with their monetary policy again. Oil prices have spiked in recent days ahead of expectations, if OPEC+ does nothing, will there be a big blowout?
Tonight's Nonfarm performance was not too impressive even though the ADP was very good. These two gods have been quite inconsistent for a long time. The data published in recent periods is also not much different from the forecast.
The most ideal scenario for today is that NF will be slightly bad as forecast, along with OPEC + keeping the plan. At this time, the market sentiment will be much better. USD drops slightly back to support Gold's rise
Technical analysis:
Gold is still being squeezed very tightly just below the 1940 resistance, things are not expected to change until the US session.
Gold's recent decline has brought Gold to a good buy price zone, needing more confirmation from the buyers to push the price above 1940 to reach the 1955 target.
Yesterday was a market day with almost no big changes when everyone was waiting for Nonfarm payrolls
Today promises to be very turbulent, not only because of Nonfarm but also the OPEC+ meeting. If oil prices stay above the $80 threshold, the story of escalating inflation will return and central banks will have a headache with their monetary policy again. Oil prices have spiked in recent days ahead of expectations, if OPEC+ does nothing, will there be a big blowout?
Tonight's Nonfarm performance was not too impressive even though the ADP was very good. These two gods have been quite inconsistent for a long time. The data published in recent periods is also not much different from the forecast.
The most ideal scenario for today is that NF will be slightly bad as forecast, along with OPEC + keeping the plan. At this time, the market sentiment will be much better. USD drops slightly back to support Gold's rise
Technical analysis:
Gold is still being squeezed very tightly just below the 1940 resistance, things are not expected to change until the US session.
Gold's recent decline has brought Gold to a good buy price zone, needing more confirmation from the buyers to push the price above 1940 to reach the 1955 target.
Note
Gold prices recovered amid a weaker US dollar and sluggish bond markets. However, looming concerns about the Federal Reserve's (Fed) rate hike in September, as well as the market's risk aversion and positioning of US Treasury yields at a low worrying will challenge the buyers of XAU/USD.Note
Recently released US statistics are mostly upbeat and suggest another rate hike by the Fed in 2023, even if the odds are too low by year's end. In addition, economic concerns stemming from US credit rating downgrade and US-China tensions are more positive factors for the US Dollar, which in turn affects Gold prices.Note
Gold prices chart for a volatile session on Thursday amid shrinking volumes and open interest. That said, short-term price action does not look clear for now, while further declines are expected to meet the next area of contention at $1,900 per troy ounce.
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