Will Non-Farm Payrolls Move Gold Significantly?

Traders Den

What’s happening in the markets? We’ve put together some of the most important news and events that may affect your trades in the near term.

Will Non-Farm Payrolls Move Gold Significantly?

  • The latest ISM data showed a flat result in Manufacturing but a better result in Services. The results indicate the US economy is thriving.
  • However, the US JOLTs Job Openings dropped significantly from 9.35M to 8.733M, indicating fewer companies open hiring.
  • Meanwhile, there will be Initial and Continuing Jobless Claims on Thursday that can give the market preliminary data before the Non-farm Payrolls on Friday.
  • Gold significantly surged on Monday and recorded its all-time high at around 2,145 USD per troy ounce. The price plunged considerably since then.
  • If Gold retests and fails to close above 2,080 USD per troy ounce, the price may retest its psychological support at 2,000 USD per troy ounce.
  • On the contrary, Gold may record another all-time high if the price surges and closes above 2,080 USD per troy ounce.

We’ll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.