Daily Forex Market Preview, 12/03/2018
Friday’s nonfarm payrolls showed a solid pace of job creation with the U.S. economy seen adding 313k jobs which beat estimates by a strong margin. However, the U.S. unemployment rate was unchanged at 4.1% which missed estimates of a decline to 4.0%. Although the jobs report was solid, the slow pace of wage creation saw average earnings rising just 0.1% on the month.
The U.S. dollar was seen weakening into Friday’s close as a result. Elsewhere, Canada’s jobs report showed that the unemployment rate fell from 5.9% to 5.8% while the economy was seen adding 15.4k jobs which were below estimates of a 21.3k job growth that was estimated.
Looking ahead, the economic calendar today is light with no major releases expected. The currency markets are expected to follow through from Friday’s price action.
XAUUSD 12-03-2018 Intra-day analysis
XAUUSD (1323.28): Gold prices continue to drift close to the 1328 level, with Friday’s price action seeing the precious metal erasing the intraday losses. We expect this consolidation around 1328 to continue in the near term but the bias remains to the downside for a re-test of 1303 level of support. Gold prices are likely to maintain the range within these levels with further gains or losses coming only on a breakout from either of these levels.