Gold Prices Poised for Reaction to Today's Nonfarm Payrolls Data
Gold prices are maintaining a short-term bullish uptrend as traders await today’s Non-farm payrolls report. Expectations for the report are modest, with only 176,000 new jobs anticipated. This comes from weak ISM numbers and poor data jobless claims figures.
If the NFP report shows more jobs were created than expected, significant buying interest in gold is unlikely. However, if the report meets expectations or falls short, and we see a dip into the $2,444 - $2,429 range, this could establish a higher low. In that case, a rebound towards $2,468 is likely to test the July 2024 high at $2,483.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
If the NFP report shows more jobs were created than expected, significant buying interest in gold is unlikely. However, if the report meets expectations or falls short, and we see a dip into the $2,444 - $2,429 range, this could establish a higher low. In that case, a rebound towards $2,468 is likely to test the July 2024 high at $2,483.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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