XAUUSD Gold Forecast- NFP Ahead
The U.S. Labor Market Report incl. NFP is released today.
ADP data was well above expectations. The market’s expectation is 160K change in NFP. Average Hourly Earnings and Unemployment Rate will be in focus as well. I have posted a video about the U.S. Labor Market Report before.
As explained in the video; Job Report has different components and market will price the report according to the its components.
Before reading the ful report; making a prediction is just a waste of time. We can now check the technicals and try to find the key levels.
Our first sell order was ABCD 1.27 at 1587. Then we have resold at 1573 by the breakout of the rising wedge.
Our targets were 1550, 1546 and 1540.
XAUUSD Gold price hit 1546 and reversed. As seen on our chart it is tsting the broken fractal at 1570.
On the upside we have 2 minor bearish patterns.
1576 Bearish Shark and 1578 Bearish 5-0. 1578 is confirmed by MM 2/8 H4.
Before the data release, market players may try to pull the prices higher.
If the Labor Market Report comes better than expected – with all components – we may see Gold prices testing 1540 – 1536 support.
As shown in the Live Interactive H1 Chart, red wedge breakout will confirm the new bearish leg.
If the data comes worse than expected, 1585 and 1593 will be the targets of the bulls.
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