Gold market ahead of US job data release

Gold price is in a sideways range of market prices around $2,050 per ounce ahead of the US Employment data tonight at 7:30 pm Phnom Penh time. We should notice that the Fed is likely to restrict itself from raising rates further amid deepening US banking crisis, and slower growth rate and focus on data depends of the further key economic data.

Gold price (XAU/USD) is showing signs of moving contraction around $2,050 per ounce in the Asian market session. Gold price is struggling to make a decisive move as investors are awaiting the release of the US Nonfarm Payrolls  (NFP) data for further action.

On Thursday, weekly Initial Jobless Claims for the week ending April 28 jumped to 242K vs. the consensus of 240K and the former release of 229K.

However, traders would get more clarity after the release of the US Nonfarm Payrolls (NFP) data tonight. As per the consensus, the US labor market witnessed a fresh addition of 179K payrolls in April, which was lower than former additions of 236K.

Technically gold price is moving in a uptrend in range around $2,050 per ounce to $2,010 per ounce on daily chart. Market not yet have any clear direction, suggest to wait until NFP releases then consider sell position at key resistance at $ 2,060.

 

Analyst: Mr. Chhea ChhayHeng, Independent Analyst

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