Jobs data is coming, GOLD recovers around 2,500USD

5 set

XAUUSD continues to recover significantly after a sharp adjustment at the beginning of the week, fueled by lower economic data that means the Federal Reserve may cut interest rates more aggressively in the near future. On this trading day (Thursday), the market will receive the release of ADP employment data, which is expected to buck short-term trends.

The Job Openings and Labor Turnover Survey (JOLTS) released Wednesday by the U.S. Bureau of Labor Statistics showed the number of job openings fell to 7.67 million from a downward revision. 7.91 million last month. Data were below expectations of all expected surveys.
The JOLTS job vacancy report was one of the labor force indicators that U.S. Treasury Secretary Yellen valued most when she was chair of the Federal Reserve. This index is also labor market data that the Fed is very interested in. Readers can refer to the fact that the Fed has recently mentioned a lot about employment issues, by most important officials.

The US employment change (ADP) report, initial jobless claims and nonfarm payrolls (NFP) report will be released later this week.

This trading day the market will first pay attention to the US ADP data, which will continue the important data week and provide short-term trends.
US ADP employment growth in August is expected to increase to 150,000 from 122,000 in July.
Additionally, U.S. nonfarm payrolls job growth in August is expected to increase from 114,000 to 163,000, while the unemployment rate could fall from 4.3% to 4.2%.

If jobs data is weaker than expected, this will continue to push gold prices higher and create pressure on the USD.

Employment data has been closely watched so far, but in this period it will be even more important because it is a visible "directional arrow" to evaluate the path of interest rate cuts by the Reserve. United States of America.

Analysis of technical prospects for XAUUSD
Gold remains stable with the main uptrend in the short, medium and long term. After receiving support from the key confluence area noted by readers in the previous issue at the 0.618% Fibonacci extension, EMA21 and the lower edge of the price channel, it rose to reach the recovery target level. initial price point at 2,500USD.

Looking ahead, if gold manages to move above the $2,500 base price and break above the 0.786% Fibonacci extension it would qualify for a weekly upside target of $2,531 in the short term and beyond to 2,544USD.

During the day, the bullish outlook for gold prices remains unchanged at notable levels and will be listed for readers as follows.
Support: 2,484 – 2,471USD
Resistance: 2,500 – 2,503 – 2,531USD

SELL XAUUSD PRICE 2516 - 2514⚡️
↠↠ Stoploss 2520

→Take Profit 1 2509
↨
→Take Profit 2 2504

BUY XAUUSD PRICE 2459 - 2461⚡️
↠↠ Stoploss 2455

→Take Profit 1 2466
↨
→Take Profit 2 2471

5 set

Nota

Gold prices traded back above $2,500 on Thursday after recovering from the previous day's low of $2,471, following the release of lower-than-expected July job openings data from the US, sparking New concerns about the possibility of a "hard landing". Gold prices recovered after the release of weaker-than-expected US employment data.

5 set

Trade attivo

Plan SELL +25pips🔽🔽🔽

5 set

Nota

On September 12 (Thursday), analysts and markets all agreed that the ECB would reduce interest rates by 25 bps. Adjustments in the labor market and economic activity since the June meeting, especially the deceleration in wage growth, have reinforced confidence that inflation is on track toward the target level.

6 set

Nota

World gold prices rebounded past the threshold of 2,500 USD/oz in the trading session on Thursday (September 5), when gloomy data on the US economy increased the possibility that the Federal Reserve (Fed) will cut strong interest rates in the upcoming meeting. During Friday's session, gold prices may fluctuate if the US August employment report has numbers beyond forecasts - according to analysts.

6 set

Nota

6 set

Nota

This week, the JOLTS report on job vacancies released Wednesday showed a decline. Next, yesterday's ADP employment report also disappointed when it was lower than expected. Not to mention, the ISM employment index also showed a slight decrease compared to expectations, further reinforcing the assessment of a cooling labor market.

8 set

Nota

World gold prices fell sharply in the trading session on Friday (September 6), slipping from the 2,500 USD/oz mark, after the US Department of Labor released the August employment report. Although these statistics are worse Expectations, the market increased bets on the possibility of the Fed choosing a smaller interest rate cut in the upcoming meeting, leading to devaluation pressure on gold.

8 set

Nota

Data recently released by the China Foreign Exchange Administration shows that the country's gold reserves as of the end of August 2024 were 72.8 million ounces, remaining the same as at the end of July and unchanged for the 4th consecutive month. next. Previously, the People's Bank of China (PBoc, the central bank) increased its gold holdings for 18 consecutive months.

9 set

Nota

After a week dominated by employment data, the gold market will continue to wait for the inflation report with the most important data being the US August CPI published this Wednesday morning (September 11). .

9 set

Nota

Gold prices saw an intraday reversal from near historic highs and fell below the psychological mark of $2,500 following the release of US jobs data on Friday. A mixed US jobs report reduced the likelihood of a 50 basis point Fed rate cut, which in turn prompted some short-term USD buying and put pressure on precious metals.

10 set

Nota

Gold prices struggled to extend the previous session's gain from the $2,485 area and fell slightly during the Asian session on Tuesday, as the USD continued to strengthen. Investors have tempered expectations that the Fed will lower interest rates more sharply in September after the US monthly jobs report released on Friday had mixed results. This pushed the DXY index back close to the monthly peak reached last week and put pressure on the precious metal.