Gold vs. NFP – What to Expect from the Market Today?
On Thursday, we got two winning signals on gold, thanks to negative ADP non-farm payroll. It’s going to be another volatile day as the U.S. Non-farm payroll and unemployment rate remains in highlights.
For the moment, the market seems to trade sideways due to the tug of war between bulls and bears. The market is likely to trade in the same range of $1,197 – $1,203 until the release of labor market figures.
The violation of $1,203 can extend the bullish trend to $1,207 and $1,211. On the other hand, the market can stay bearish below $1,198 until $1,191.
Gold – XAU/USD – Trading Levels
Support Resistance
1194.9 1206.15
1189.75 1212.25
1178.5 1223.5
Key Trading Level: 1201
Gold/ XAUUSD – Trading Idea
The idea is to trade the breakout.
- Negative NFP – I will be looking to buy gold above $1,203 as it can lead the market towards $1,211.
- Positive NFP – I will be looking to take a sell position below $1,203 to target $1,191.
All the best for today and have an awesome weekend!
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