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All eyes on NFP report today for a direction for Dollar & Gold

Investors and traders are now looking to the release later in the day of US jobs figures for a better idea about the state of the world’s top economy. Economists expect it to show employers added 160,000 jobs last month. They also forecast the unemployment rate to hold at a low level of 3.5%.  

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Investors and traders are now looking to the release later in the day of US jobs figures for a better idea about the state of the world’s top economy. Economists expect it to show employers added 160,000 jobs last month. They also forecast the unemployment rate to hold at a low level of 3.5%.

 

On Thursday the US dollar remained steady after better than expected jobless claims last week. The Unemployment Claims made during last week came in as 214K, which were less than the expected 221K and supported the US dollar. While comparing with other employment data released earlier, ISM manufacturing employment dropped from 46.6 to 45.1, staying in deep contraction. But ISM services employment remained firm in expansion, down slightly from 55.5 to 55.2. And ADP jobs grew 202k, with 173k in services jobs and 29k in goods-producing jobs.

Gold prices fell on Thursday as the tensions between Iran and the United States eased. Investors now await U.S. nonfarm payrolls due at 1330 GMT. So far $1554 and $1540 important levels to watch for today, One of the reasons can be the weaker NFP and unemployment rate from the United States. In any case, the bullish breakout of $1,554 can lead to gold prices towards 1,570.

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