The market movement yesterday appeared somewhat aggressive with gold experiencing a bullish movement during the London session, and a drastic price fall occurred during the New York session after data from unemployment claims news show nothing changed. And also gold price back up bullish after the price touched our Engulf Failed zone at 2148.
 |
| 2147.50 - 2149 Engulf Failed become swap zone for Buy Position |
As for today, there will be Non Farm Payroll news at 8:30AM New York time and clearly the market will react aggressively to data from this news. Usually NFP market volatility around 100-400 Pips, and i suggest you to avoid from trading if you don't want to blow your account. Forecast from expert analyst shows that there will be a significant drop in terms of average earnings from 0.6 to 0.2% , non-farm employment change from 353k to 198k while unemployment rate remains unchanged at 3.7%.
My view on gold still bullish because price already breakout our Daily resistance at 2146 and there is no price level to refer to the left as current price already at the all time high. If data from news follows exactly like what analyst forecast, it will weaken USD more and push Gold price to a new all time high price for today.
An addition to what will happen today, Jerome Powell testified yesterday said that continued progress on inflation "is not assured," though the U.S. central bank still expects to reduce its benchmark interest rate later this year.
"If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year," Powell said in remarks prepared for delivery to the House Financial Services Committee.