How to Trade Gold on the Release of US Nonfarm Payroll Figures Today?
During the Asian session on Friday, the precious metal gold prices jumped to a fresh six and a half month high at $1,298. The investors jumped out of the stock markets on the back of weak US data which fueled the fears of a global economic slowdown. This ultimately boosted the demand for the safe-haven metal.
For the moment, we can see a tug of war between bulls and bears. The market is likely to trade in the same range of $1,298 – $1,290 until the release of labor market figures.
The NFP’s forecast is positive, and it’s placing a bearish pressure on gold prices today. The labor market figures will also give us clues on the US interest rates when Federal Reserve Chair Jerome Powell meets former Fed chairs Janet Yellen and Ben Bernanke later in the day.
Gold – XAU/USD – Trading Levels
Support Resistance
1287.56 1297.94
1280.91 1301.67
1270.53 1312.05
Key Trading Level: 1291.29
GOLD // XAUUSD – Trading Idea
At the moment, we are in a sell trade below $1,295.96 with a stop loss above $1,299 and take profit around $1,290.
All the best for today and have an awesome weekend!
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