Gold poised to surge on NFP and U.S. inflation data.
Tonight, key figures for NFP, Employment Change, and the U.S. Unemployment Rate will be released. The labor market outlook is predicted to be negative, with Nonfarm Payrolls expected to reach only 164K and the unemployment rate to drop to 4.2%.
Average hourly earnings are forecasted to increase from 0.2% to 0.3%, indicating rising inflation pressure. This could cause significant volatility for the USD and push gold prices higher.
The 4H XAUUSD chart shows a breakout from the downtrend channel, with gold surpassing resistance at 2,526 USD and support from EMA 34 (2,505 USD) aiding the upward move.
Interestingly, after this breakout, gold is likely to continue toward the target of 2,550 USD, a level many investors are anticipating.
Stay updated with market news for more accurate trading. Wishing everyone successful trades.
Average hourly earnings are forecasted to increase from 0.2% to 0.3%, indicating rising inflation pressure. This could cause significant volatility for the USD and push gold prices higher.
The 4H XAUUSD chart shows a breakout from the downtrend channel, with gold surpassing resistance at 2,526 USD and support from EMA 34 (2,505 USD) aiding the upward move.
Interestingly, after this breakout, gold is likely to continue toward the target of 2,550 USD, a level many investors are anticipating.
Stay updated with market news for more accurate trading. Wishing everyone successful trades.
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