Morning Insights 8th November

Simon Alagbe

Analyst


Instrument: GOLDs

The precious market hit a height last attained two months ago after the greenback retreated despite positive job data released last week. Bureau of Labor Statistics reported that 531,000 jobs were added in October, with the unemployment rate declining to 4.6%. The October job data showed that the labour market is rebounding after the emergence of the delta variant. I expect this to further speed up the pace of rate hike in the US if things continue this way.



Technical Analysis

The presence of a bearish engulfing candle on the hourly timeframe favours the bears on the pair with a target at 1799.48 and stop loss at 1822.10



Fundamentals: 

FOMC Member Clarida Speaks (US) 3:00 PM

Fed Chair Powell Speaks (US) 4:30 PM

FOMC Member Bowman Speaks (US) 6:00 PM

FOMC Member Evans Speaks (US) 7:50 PM


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