This week's market outlook contains several important news that might trigger market volatility, such as Powell's speech which was scheduled yesterday. Today, what is no less important is the news on ADP Changes in Non-Agricultural Employment and Unemployment Claims. Significant differences in forecast data and actual data may later move the market. Although this is not always the case, investors tend to respond to this news so that after the news is released the market will usually be volatile.
Looking at today's gold price, the price is moving between the upper and middle band lines in the hourly time frame.
Gold prices are still trading in a range with room for movement in gold prices ranging between a swing high of $2338 near the upper band line and a swing low of $2219 near the lower band line. A flat Bollinger Band channel indicates a sideways market with moderate volatility.
Yesterday's market response to Powell's speech did not seem too high even though it reflected a hawkish stance that the Fed would only lower interest rates once in 2024, which is expected to be in September.
The Fed maintains high interest rates to curb inflation and will cut interest rates if inflation falls to its 2% target. Currently, Fed officials are still taking a pros and cons stance so interest rate cuts are unlikely to occur soon even though economic indicators are cooler.
According to Forexfactory Data, ADP is forecast at 163k with a revision of previous data of 152k. If there is a news release later with a large difference between actual and forecast data, it may provide a market response that causes volatility to increase. Meanwhile, unemployment claims data is estimated at -13 billion with a revision to the previous data of -1.0 billion. If the actual data is smaller than the forecast, perhaps the USD will strengthen.
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Looking at today's gold price, the price is moving between the upper and middle band lines in the hourly time frame.
Gold prices are still trading in a range with room for movement in gold prices ranging between a swing high of $2338 near the upper band line and a swing low of $2219 near the lower band line. A flat Bollinger Band channel indicates a sideways market with moderate volatility.
Yesterday's market response to Powell's speech did not seem too high even though it reflected a hawkish stance that the Fed would only lower interest rates once in 2024, which is expected to be in September.
The Fed maintains high interest rates to curb inflation and will cut interest rates if inflation falls to its 2% target. Currently, Fed officials are still taking a pros and cons stance so interest rate cuts are unlikely to occur soon even though economic indicators are cooler.
According to Forexfactory Data, ADP is forecast at 163k with a revision of previous data of 152k. If there is a news release later with a large difference between actual and forecast data, it may provide a market response that causes volatility to increase. Meanwhile, unemployment claims data is estimated at -13 billion with a revision to the previous data of -1.0 billion. If the actual data is smaller than the forecast, perhaps the USD will strengthen.
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