Gold ahead of Powell's testimony is still moving above the upper band. Last Friday the price of gold soared despite the post-NFP turmoil.
The impact of NFP on gold is quite surprising. After the NFP release showed actual data greater than forecast, the price fell quickly to a low of $2350 then rolled up until it broke high and reached a new high of $2392.
The actual NFP data was 206k higher than the forecast of 191k with previous data revised at 218k. Meanwhile, Unemployment rate data rose 4.1% from the previous 4.0%.
Today Powell will testify before the Senate in Washington DC, first, he will read a previously written statement, and then he will answer questions from Senate members.
In the question and answer session, unexpected questions may arise and Powell's comments, perhaps hawkish or dovish, will get a market response that allows volatility to increase.
This week, CPI and unemployment claims data will also be released, which are important inflation data that can make prices more volatile.
The impact of NFP on gold is quite surprising. After the NFP release showed actual data greater than forecast, the price fell quickly to a low of $2350 then rolled up until it broke high and reached a new high of $2392.
The actual NFP data was 206k higher than the forecast of 191k with previous data revised at 218k. Meanwhile, Unemployment rate data rose 4.1% from the previous 4.0%.
Today Powell will testify before the Senate in Washington DC, first, he will read a previously written statement, and then he will answer questions from Senate members.
In the question and answer session, unexpected questions may arise and Powell's comments, perhaps hawkish or dovish, will get a market response that allows volatility to increase.
This week, CPI and unemployment claims data will also be released, which are important inflation data that can make prices more volatile.
