Choppy Trading In The Gold – Investor’s Awaits NFP!
Arslan Butt • 2 min read
Whatsup, traders. Hope you are enjoying our forex trading signals. The trading day begins with Nikkei signal and gladly it matured in profits. Conversely, the gold is a bit boring as it’s stuck in a narrow trading range. If you are trading Gold today, you should check out this…
U.S. Labor Market Figures
As mentioned earlier, it’s the NFP week and the investors are stumbling to take any long-term position, especially in the instruments which are influenced by the USA. By the end of this week, we have:
- Average Hourly Earnings – These are expected to be 0.3% which will be better than previous months. It forming a bearish sentiment for Gold.
- Non-Farm Employment Change – It’s also forecasted to be around 200K. No doubt it’s below 261K, the previous figure, yet 200K isn’t too bad.
- Unemployment Rate – It’s expected to remain unchanged at 4.1% which is boosting the bearish sentiment for Gold for sure. That’s why Gold experienced a huge gap today.
Technical Outlook – Gold // XAUUSD
Technically the Gold is following a strong bearish trend especially after the breakage of $1,287. A day before, the yellow metal opened with a gap.
Gold – 2 – Hour Chart
Ever since Gold is consolidating in a trading range of $1,271 – $1,277. The good thing about Gold is that the gap is still unfilled. So, we expect Gold to go for $1,280/82 as soon as the market breaks out of this range.
Gold // XAUUSD – Trading Idea
In between the range of $1,271 – $1,277, we can enjoy choppy trading. But the real trend will begin once the Gold peeks out of the range. Yup, it’s possible today during the New York sessions as we have a couple of high impact economic events on the table. Check out our Main Market Events Report for the day. Good luck!