Today's trading session holds the potential for increased volatility, driven by key economic data releases. The ADP Nonfarm Employment Change and ISM Non-Manufacturing PMI, along with ISM Non-Manufacturing Prices, are among the noteworthy events. Economists are anticipating a lower ADP Nonfarm Employment Change figure at 153K, down from the previous 177K. The ISM Non-Manufacturing PMI is expected at 53.6, compared to the prior reading of 54.5. These lowered expectations by economists could potentially create buying opportunities for XAUUSD, especially if the outcomes are mixed or worse than expected, which may boost demand for gold.
Analyzing technical indicators, the MACD histogram and line currently reside below the 0 line, indicative of a bearish sentiment. However, it's worth noting that both the histogram and line are on the rise, approaching the 0 level. This suggests the possibility of a correction and an increased likelihood of a trend reversal. Meanwhile, the William % R Indicator, signaling bearish sentiment, remains below the -40 level in the short term. This could imply a modest strengthening of XAUUSD in the near future.
Forecast 153K vs Previous 177K
Forecast 53.6 vs Previous 54.5
For more economic release visit our website
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.