Gold Analysis Ahead of NFP
The US is expected to announce its November employment figures on Friday, December 3. The country's unemployment rate is seen contracting from 4.6% to4.5% in November.
Market forecast of 553K new jobs have added in November compared to 531K jobs. That means the market forecasted better than previous reports.
So, it seems like things should continue trending up, which would be great news considering how much the labor market has improved since pre-pandemic times.
We didn't see much NFP report impact on Gold in the last report. But this month is different for sure. Because the USD is its positive trend, Powell hints at stronger USD and rate hikes.
One more reason I want to mention is that Most of the time, Gold prices start to move higher after December 10.
Gold H1 Chart
So, the gold price needs some space to go up after a downward correction. Maybe that is one of the reasons that Gold is dropping and creating space to go up again.
One more thing we should keep in mind, If FED enters into higher rate-hiking mode, Gold may not go up as we are thinking.
So, if the NFP print positive gold may drop below $1750 and the final target to the downside is $1725/1730 price zone.
On the Othe hand, if NFP print negative or less than 350K, Gold may test the $1790/1795 price zone.
Market forecast of 553K new jobs have added in November compared to 531K jobs. That means the market forecasted better than previous reports.
So, it seems like things should continue trending up, which would be great news considering how much the labor market has improved since pre-pandemic times.
We didn't see much NFP report impact on Gold in the last report. But this month is different for sure. Because the USD is its positive trend, Powell hints at stronger USD and rate hikes.
One more reason I want to mention is that Most of the time, Gold prices start to move higher after December 10.
Gold H1 Chart
So, the gold price needs some space to go up after a downward correction. Maybe that is one of the reasons that Gold is dropping and creating space to go up again.
One more thing we should keep in mind, If FED enters into higher rate-hiking mode, Gold may not go up as we are thinking.
So, if the NFP print positive gold may drop below $1750 and the final target to the downside is $1725/1730 price zone.
On the Othe hand, if NFP print negative or less than 350K, Gold may test the $1790/1795 price zone.
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