Gold moves sideways till NFP is Public

5 ส.ค. 2021

According to Reuters, the Americans filing new claims for unemployment benefits declined further last week, while layoffs dropped to their lowest level in just more than 21 years in July as companies held on to their workers amid a labor shortage. Initial claims for state unemployment benefits fell 14,000 to a seasonally adjusted 385,000 for the week ended July 31, the Labor Department said on Thursday. Economists polled by Reuters had forecast 384,000 applications for the latest week.

The next important monthly data on spotlight is Non-farm Payrolls and Unemployment Rate for the month of July, which we expect can take prices up in the precious metals, especially Gold, as jobless claims during the last 3 consecutive weeks have risen giving an indication of higher unemployment rate than forecast and possibly declining NFP.

Our buy price is 1805-1808 with SL at 1795 and TP at 1828-1833

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