XAUUSD - Trading strategy before Nonfarm news
World gold prices this morning were stable with spot gold increasing by 2.6 USD to 1,985.1 USD/ounce. Gold futures last traded at 1,993.7 USD/ounce, up 6.2 USD from yesterday morning.
World gold is relatively stable although the labor market shows signs of decline. A recent report from the US Department of Labor showed that the number of US workers applying for unemployment benefits for the first time increased more than expected. Specifically, the number of weekly applications for unemployment benefits increased to 217,000 in the week ending October 28, an increase of 5,000 applications compared to the previous week's adjusted level of 210,000. Economists forecast unemployment claims will stay around 210,000.
According to experts, gold does not react much to weak employment data because the market is still paying attention to the recent policy decisions and stance of the US Federal Reserve (Fed).
Carlo Alberto De Casa, market analyst at Kinesis Money, said that bullion prices need to more or less consolidate a bit before continuing to rise as the long-term view remains positive.
As analysts expected, the Fed kept interest rates steady on Wednesday, as policymakers work to determine whether financial conditions are tight enough to keep inflation in check. . According to CME Group's FedWatch Tool, traders are currently assessing an 80% chance that the Fed will pause interest rate hikes in December.
World gold is relatively stable although the labor market shows signs of decline. A recent report from the US Department of Labor showed that the number of US workers applying for unemployment benefits for the first time increased more than expected. Specifically, the number of weekly applications for unemployment benefits increased to 217,000 in the week ending October 28, an increase of 5,000 applications compared to the previous week's adjusted level of 210,000. Economists forecast unemployment claims will stay around 210,000.
According to experts, gold does not react much to weak employment data because the market is still paying attention to the recent policy decisions and stance of the US Federal Reserve (Fed).
Carlo Alberto De Casa, market analyst at Kinesis Money, said that bullion prices need to more or less consolidate a bit before continuing to rise as the long-term view remains positive.
As analysts expected, the Fed kept interest rates steady on Wednesday, as policymakers work to determine whether financial conditions are tight enough to keep inflation in check. . According to CME Group's FedWatch Tool, traders are currently assessing an 80% chance that the Fed will pause interest rate hikes in December.
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🔴9-12 signals per day
🔴Free knowledge support
🔴24/7 support for newbies.
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✔️TP2 : 1976
❌SL: 1997