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Gold is set to shine after the record low NFP

SquaredFinancial

Fundamental Highlights

Gold rallied in yesterday’s session to close at $1715.08, as the greenback weakened and 2-Year and 5-Year Treasuries hit record lows as investors started to price in a negative fed futures rate beginning 2021
Initial Jobless Claims continued on a downtrend, despite coming in slightly above expectations at 3.169M vs. a forecast of 3M, with all eyes today on NFP and Unemployment Rate data which are expected to be nothing less than historic

Technical Analysis

An hourly close above our resistance at 1718, preferably above 1720.38, will set the tone for today’s session
Fundamentals dominate trading today, expecting a surprise upside in unemployment rate above 20% to fuel a gold rally

Support: 1684 / 1674 / 1668
Resistance: 1718 / 1730 / 1738 / 1750

SquaredFinancial Daily Market Outlook


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SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/gold-is-set-to-shine-after-the-record-low-nfp-gold-market-outlook-08-05-2020
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