Gold & S&P500 Key Trading Levels to Trade NFP Today

Posted Friday, August 3, 2018 by
Arslan Butt • 1 min read

On Friday, the commodity market is under pressure after hawkish FOMC and better than expected economic events from the U.S. economy. Currently, Nonfarm payroll, wage growth, and service sector PMI numbers are putting the dollar in focus. Stronger dollar not only impacts gold, but also the U.S. stock markets.

Support for gold vanished as a solid Greenback weighed on investor appetite. The U.S. dollar is supported by strong U.S. economic data and outlook for higher interest rates. Higher U.S. rates tend to support the greenback, in which the metal is priced. Most recent figures suggest continued vulnerability for gold amid a stronger buck.

While stock markets are under pressure from the latest exchange of trade warnings between Beijing and Washington. China pledged on Thursday to counter if the United States moved on a threat to boost tariffs on the Asian nation’s exports. Consequently, hiking tariff worries in financial markets that the trade war between the world’s two largest economies would intensify.

Anyhow, the investor focus is shifted to the U.S. labor market figures which are due to be released during the New York session today. Watch out the fresh trading levels…

Gold – XAU/USD – Trading Levels

Support Resistance
1207 1220
1203 1227
1197 1234
Key Trading Level: 1216

S&P 500- SPX – Trading Levels

Support Resistance
2807.38 2822.64
2802.66 2827.36
2795.03 2834.99
Key Trading Level: 2815.01
Stay tuned to our Forex trading signals as there’s so much action in the market today. Good luck!

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