Gold Boosted By Poor NFP!
Login

Gold Boosted By Poor NFP!

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Olimpiu Tuns

Updated:


Gold rallied right after the Non-Farm Payrolls data was released. As you already know, the indicator was reported at 235K in August versus 720K expected and compared to revised 1053K in July.

The bias was still bullish before the US data release, so I needed confirmation before going long again. The Unemployment Rate dropped from 5.4% to 5.2% as expected, while the Average Hourly Earnings increased by 0.6% beating the 0.3% expected.

Later today, the US is to release the ISM Services PMI which is expected to drop from 64.1 points to 61.9 points, a larger drop could be bad for the USD and could lift XAU/USD.

XAU/USD Technical Analysis!

Gold has registered an aggressive breakout through the triangle’s resistance and above 1,823.27. Now is pressuring the 1,823.27 level former high. Making a valid breakout through this level could signal further growth.

The price has moved sideways before retesting the uptrend line. So, the temporary range could represent a continuation pattern.

Conclusion!

Gold could resume its growth if it validates its breakout above 1,823.27 former high. Making a new higher high could activate an upside continuation.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News