US NFP Preview

US NFP Preview

Non-Farm Payrolls in the US are forecast to increase by 250,000 in July.  However, there is some online chat that the actual result will be weaker at 200K. 

Gold builds on the previous day’s modest move up and gains some follow-through traction. The steady intraday ascent extends through the early European session and lifts the XAU/USD to a fresh daily high, around the $1,789 region.

Growing worries about a global economic slowdown, along with heightened US-China tensions caused by US House Speaker Nancy Pelosi’s Taiwan trip, continue to act as a tailwind for gold.

The popularly known NFP report will be released at 15.30 GMT+3 and will play an important role in influencing the USD price dynamics. This, in turn, would act as a fresh catalyst, which should allow traders to determine the near-term trajectory for gold.

Be ready this afternoon for an opportunity to trade!

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