Last Friday’s labour market data were better than expected. There were 73,000 more non-farm jobs than expected. The impact of this data could be seen on most currency pairs, where the dollar clearly gained.
- gold recovers
- inside bar – which way to break out?
- 14:300 – US data
On Gold we also saw declines, the metal fell by more than USD 130 in two sessions, the price temporarily fell to USD 1666/oz. The last two days have seen a clear recovery of losses.
On the D1 chart Monday’s candle formed an inside bar formation. The price is approaching the maximum of the candle forming the formation.
If an upward breakout occurs and the MACD enters an upward phase – according to the PA+MACD strategy – it would be an opportunity to open a long position. It remains to wait patiently and follow the development of the situation on this instrument.
Today’s afternoon data from the USA may again increase the volatility on the dollar pairs. At 14:30 we will know:
- New jobless claims ( The number of new unemployed in the US measures the number of people who filed for unemployment benefits for the first time in the week prior to publication. This is the most current data on the US labour market. A higher than expected reading is considered negative/biased for the USD, while a lower than expected reading is interpreted as positive/biased for the USD) and
- PPI – Industrial Goods Price Index
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