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Safe Haven Demand Underpins Gold – How to Trade on NFP? 

On Friday, the precious metal gold prices increased for a fourth consecutive session, supported by safe-haven sentiment following weak economic data. The negative US data heightened worries over economic growth, with focus immediately shifting to labor market reports that could indicate further US interest rate reductions.
As of writing this, gold was up 0.3% at $1,508.64 an ounce, having soared in the prior session to its highest level since September 25 at $1,518.50. The US services area activity diminished to a three-year low in September due to growing worries about tariffs.
US NFP Economic Event – The US NFP (Nonfarm Employment Change) and the unemployment rate will remain under the spotlight. NFP is expected to be slightly positive at 140K vs. 130K during the previous month. While the unemployment rate is likely to stay unchanged at 3.7% and the average hourly earnings are expected to rise by 0.2% vs. 0.2% previously

[[Gold]] – XAU/USD – Weaker Dollar & NFP Figures

Gold hasn’t changed much from yesterday. It’s trading around 1,508 area after completing 100% Fibonacci retracement at 1,500 region.
The weaker dollar has driven gold higher to trade at 1,510 area. Although it placed a high of around 1,519 during the previous session, it came back to close below 1,510 points, the double top resistance level.

Gold - 4 Hour Chart

Gold – XAU/USD – Trading Levels
Support Resistance
1480.97 1511.61
1462.46 1523.73
1431.82 1554.37
Key Trading Level: 1493.1
Bullish engulfing on the 4-hour timeframe is signaling bullish bias among traders. Today, the bullish breakout of 1,512 can lead to gold prices towards 1,519. NFP will remain in focus during the US session.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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