Daily Market Analysis By FXOpen

US Nonfarm Payroll Report: Market Insights
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Navigating the complex waves of the financial markets requires an astute understanding of various economic indicators. Among them, the nonfarm payroll report stands out as a pivotal monthly metric that can significantly sway financial markets. This article demystifies the intricacies of this influential report, walking through what to know before trading it.

Nonfarm Payroll Definition

The nonfarm payroll (NFP) is a key economic barometer that tallies the number of employed individuals in the US, excluding the agricultural sector. Besides the farm workers, government, private household, and nonprofit organisation workers are not included.

This nonfarm payroll, meaning the workforce in industries like manufacturing, services, construction, and goods, reflects the health of corporate America and, by extension, the US economy. It’s one of the components of the Employment Situation report released on the first Friday of every month by the US Bureau of Labor Statistics. Nonfarm employment change data is released along with unemployment rate and average hourly earnings data.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.
 
Market Analysis: Gold Price Takes Hit While WTI Crude Oil Eyes Upsides
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Gold price is declining below the $2,700 support zone. Crude oil price is rising and it could climb further higher toward the $75.00 resistance.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

  • Gold price failed to clear the $2,800 resistance and corrected lower against the US Dollar.
  • There is a key bearish trend line forming with resistance at $2,725 on the hourly chart of gold at FXOpen.
  • WTI Crude oil prices are moving higher above the $70.00 resistance zone.
  • There is a key bullish trend line forming with support near $70.90 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis
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On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,750 resistance. The price even broke the $2,765 level before the bears appeared.

The price traded toward $2,785 before there was a fresh decline. There was a move below the $2,760 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 30. Finally, it tested the $2,645 zone.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
 
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