Gold Pumps to $1,646 – US Nonfarm Payroll in Focus

The gold price has continued its recovery after breaking beyond the intraday barrier of $1,632.22. The precious metal has risen to $1,640.00

Skerdian Meta•Friday, November 4, 2022•1 min read

Gold Pumps to $1,646 - US Nonfarm Payroll in Focus

The gold price has continued its recovery after breaking beyond the intraday barrier of $1,632.22. The precious metal XAU/USD has risen to $1,640.00 and shows no signs of weariness.

The S&P500 futures are stuck in a narrow range, while the US dollar index (DXY) has had a modest correction after failing to break through the important level of 113.00, although it is still holding the day’s low.

XAU/USD

Different asset classes are responding differently, which could indicate nervousness ahead of US Nonfarm Payrolls (NFP) data release. According to preliminary estimates, the US economy added 200k jobs in October, compared to 263k in September.

Gold Technical Outlook

As a result, a bullish bias is recommended for today, with the understanding that breaking 1630.00 will halt the predicted climb and force the price to fall again.

Today’s trading range is likely between 1625.00 support and 1665.00 resistance.

Today’s projected trend: bullish

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.