XAUUSD 10th NOVEMBER 2022
(1) This week started with USD weakness due to bad news from the US labor data released last week.
The NFP data showed a decline compared to the previous data, from 315K to 261K although up from the forecast at 200K. In addition, the unemployment rate data showed an increase from 3.5% to 3.7%, exceeding market participants' estimates of 3.6%.
(2) While global sentiment supported by news of military and political heating up makes gold tend to be bullish.
(3) The latest US inflation rate data is a positive sentiment for the USD, where the inflation rate is at 7.7% better than expectations of the 8% range, this indicates that the fed has succeeded in taming the inflation with an interest rate hike.
The current market sentiment perspective tends to be mixed. I hope the world will make peace soon. As a trader we do not guess where the market will move in the future, but we can reactively execute on what happens, by planning technical analysis as a hint of possible price limits.
Paying attention to what might move the price of a commodity is more important than observing only the price movement.
Img. source : https://www.cnnindonesia.com/internasional/20221108131055-134-870999/as-desak-putin-xi-jinping-hukum-korut-yang-bandel-luncurkan-80-rudal
Data source : https://tradingeconomics.com/united-states/inflation-cpi
The NFP data showed a decline compared to the previous data, from 315K to 261K although up from the forecast at 200K. In addition, the unemployment rate data showed an increase from 3.5% to 3.7%, exceeding market participants' estimates of 3.6%.
(2) While global sentiment supported by news of military and political heating up makes gold tend to be bullish.
(3) The latest US inflation rate data is a positive sentiment for the USD, where the inflation rate is at 7.7% better than expectations of the 8% range, this indicates that the fed has succeeded in taming the inflation with an interest rate hike.
The current market sentiment perspective tends to be mixed. I hope the world will make peace soon. As a trader we do not guess where the market will move in the future, but we can reactively execute on what happens, by planning technical analysis as a hint of possible price limits.
Paying attention to what might move the price of a commodity is more important than observing only the price movement.
Img. source : https://www.cnnindonesia.com/internasional/20221108131055-134-870999/as-desak-putin-xi-jinping-hukum-korut-yang-bandel-luncurkan-80-rudal
Data source : https://tradingeconomics.com/united-states/inflation-cpi
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