We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News Gold Prices Nervously Await Non-Farm Payrolls Data and the Impact on the Fed

Gold Prices Nervously Await Non-Farm Payrolls Data and the Impact on the Fed

NON-FARM PAYROLLS, TECHNICAL ANALYSIS, GOLD, XAU/USD

Skylar Shaw
2022-10-10
493

微信截图_20221010104848.png


Over the last day, gold prices have marginally declined as the significant upward momentum from earlier this week has noticeably halted. The greatest 5-day performance for XAU/USD so far this week is its best 5-day performance since February, up over 3%. Russia invaded Ukraine at that time, which led to a rush for gold. Recent gains in gold were probably the result of somewhat waning Federal Reserve rate rise expectations.


This subsided on Thursday as a flurry of Fedspeak reaffirmed the institution's commitment to combating inflation. Ahead of Friday's much awaited US employment data, investors were probably reluctant to commit to a directional bias. The nation is anticipated to increase non-farm payrolls by around 255k in September, down from 308k in August.


The unemployment rate and labor force participation rate, which are now 3.7% and 62.4%, respectively, are both unchanged. Given that traders are attempting to price in either a 50 or 75 basis point raise in November, markets have recently been highly sensitive to shocks in economic data.


Those forecasts may easily tilt by 50 basis points in the event of a weaker result. The US Dollar and Treasury rates will likely suffer as a result, which would benefit gold. The tilt may, however, be surprising on the upside. Since June, the US's Citi Economic Surprise Index has been increasing. This suggests that the strength and vitality of the economy are underestimated by economists.

Technical Analysis of Gold

Gold is challenging a significant declining trendline from March on the daily chart. The prevailing downturn may still be in effect if it holds. In such case, attention would go back to the September low of 1614.92. If not, a positive breakout's confirmation can allow gains to be extended. As a result, the 100-day Simple Moving Average is highlighted (SMA).

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free