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Breaking down simple trade techniques anyone can use in the financial markets.
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Hope this video helps you on your trading journey.
@georichess
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NFP update!
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The June jobs report shows non-farm payrolls rose 206k versus the 190k consensus, but there were some big downward revisions to the history with the previous two months seeing 111k fewer jobs being added than originally thought.
U.S. Employment & Wage growth.
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U.S. job growth likely slowed to a still-healthy pace in June, with the unemployment rate holding steady at 4%, increasing the chances that the Federal Reserve will be able to tame inflation without tipping the economy into recession.
β¦Moreover, considering this week's ADP, initial jobless claims, and Powell's dovish remarks, the nonfarm payrolls may support gold prices. If so, gold should test the resistance at $2385. Otherwise, the price may move down to test the support at $2342 or even $2330.
Technicals on XAU.
Investors should focus more on the data rather than on technicals. The market expectation of the U.S. June unemployment rate stays at 4%, and the nonfarm payrolls are expected to be 190,000 after seasonal adjustment, sharply lower than the previous 272,000β¦