Highly anticipated US jobs report expected to show 200k payroll figure, potential slight uptick in unemployment

From Investing.com: 2024-12-06 02:06:00

The US jobs report (NFP) is highly anticipated, with market expectations for a 200k payroll figure and a potential slight uptick in the unemployment rate to 4.2%. Gold prices remain range-bound between $2600-$2660, with resistance at 2655-2660. Market participants are eagerly awaiting the US jobs report amid uncertainty in the markets. Expectations for a 25 bps rate cut on December 18 have risen to 71%. A job print above 200k may not impact the US Dollar significantly, with a slight uptick in the unemployment rate more crucial. Goldman Sachs analysts predict a 0.5-1% rally for a 150k-200k job print. The impact on the US Dollar Index (DXY) may be short-lived, leading to weakness heading into next week. Technical analysis shows the DXY facing bearish pressure and potential support at 105.00 and 104.50. Gold (XAU/USD) remains within a range of $2600-$2660, with resistance at 2655-2660. A breakout above $2660 may depend on the NFP data and rate cut bets. An increase in average hourly earnings and a job number closer to 300k could result in significant USD strength pushing Gold below $2600.



Read more at Investing.com: US Jobs Report Preview: Here Are the Likely Implications for the US Dollar, Gold