Forex Waits for Non-farm Payrolls, While Gold Breaks Out
Arslan Butt • 1 min read
It is interesting to see how different markets are responding to elevated levels of volatility, uncertainty, and fear. The forex currency pairs are steady but GOLD is on fire ahead of the US nonfarm payroll figures.
Honestly, I wasn’t expecting a quick move before the news release, but here we are. The yellow metal gold has violated the intraday resistance at $1,240 and now it’s very likely to go after $1,244.
Gold – 4 Hour Chart
Personally, I’m not up for taking any trade until the US fundamentals are out. At present, gold trades near $1241.50. Weaker than expected nonfarm payroll is likely to lead gold prices towards $1,246 and even $1,250.
But in my opinion, trading the positive NFP report will be more fun as the market is expecting a negative one. Thus, a better than expected NFP will come as a surprise and the panic scenario may cause a drop in gold up to $1,235 and $1,230.
All the best!