Don’t waste your time – keep track of how NFP affects the US dollar!

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Gold prices rose ahead of Fed statement

Gold prices rose ahead of Fed statement

Information is not investment advice

A temporary return of  risk-off pushed XAU/USD upward after the recent pullback. It has broken through the key resistance level at $1700, that’s why it may continue climbing up further to the next retracement level at $1750. Last Friday gold prices fell dramatically after the surprisingly positive NFP report to the support level at $1680. That encouraging data was a clear signal that economy is recovering. As a result, investors turned to riskier assets that day on an optimistic tone.

Nevertheless, gold prices have gained for two days straight ahead of the Fed statement on June 10 at 21:00 MT time. Gold traders are waiting for guidelines from Jerome Powell, the Head of the Fed. If interest rates are low, gold will gain. It decreases the opportunity cost of holding non-yielding metal. Gold is also likely to be a hedge against inflation. The Fed’s prospect on a future recovery and downside risks will affect gold prices. Stay tuned!

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NFP Number Will Drive Markets

US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.

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