NFP Release Today Could Set Gold’s Next Move
Today’s US jobs report could determine whether gold retreats toward $4,150 or rallies to $4,400, depending on the deviation from the 80K consensus.
The monthly Nonfarm Payrolls report is expected to show around 80,000 new jobs in the US. A surprise in either direction could quickly shift gold prices.
If the number comes in above 100,000, the resilience of the labor market would likely strengthen the US Dollar, pressuring gold. Initial downside targets would be $4,150 and then the $4,000 level.
Conversely, a large miss would cool expectations for further Federal Reserve rate hikes, removing a headwind for the metal. In that case, gold could push higher toward $4,350 and $4,400.
Both scenarios and the key technical levels are explored further in a new video analysis.
Source: FXStreet Forex News