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NFP Friday – 3rd June 2022

Gold Price (XAU/USD) trickles around $1,867, after an uptick to refresh the one-month high during Friday’s initial Asian session, as the NFP-linked caution takes momentum away. Also challenging the gold prices could be the recently mixed headlines concerning China and a rebound in the US Treasury yields.

That said, the yellow metal rose the most in a fortnight the previous day after the US Dollar Index portrayed the biggest daily slump in two weeks. Remember, softer US data and indecision among the Fed policymakers seemed to have triggered the US dollar’s pullback, as well as propelled the gold prices.

For the May NFP report, consensus expectations are for 325K net slowdown of new jobs and average hourly earnings projected to rise by 0.4% month-over-month.

We expect the USD to trade in line with the direction and magnitude of any surprise in the data given its recent correlation flip so have your trading charts ready!

Friday 3rd June 2022

Average Hourly Earnings m/m, Non-Farm Employment Change, & Unemployment Rate – 15.30 GMT+3.

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