US Employment Reports Boost US Dollar

The US released multiple employment-related reports throughout the week. The ADP report indicated that the private sector added 143K new jobs in September 2024. The Nonfarm Payroll (NFP) report showed an increase of 254K new jobs, with the unemployment rate falling to 4.1%.

In response, the US dollar surged and closed at higher weekly levels. Key upcoming data releases include the FOMC meeting minutes on Wednesday and September’s CPI data on Thursday. Additionally, September’s PPI data will be released on Friday.

These inflation figures are expected to drive market movements for gold, silver, and AUD/USD. Despite the strong US dollar, both gold and silver show consolidation patterns that suggest a potentially bullish setup ahead of the upcoming inflation data releases. Gold has formed a bullish pennant throughout the week, indicating a potential breakout.

The price remains above the 20 and 50 Simple Moving Averages (SMAs), pointing to a bullish trend.

Employment data strengthens US dollar

A break above $2,686 could initiate upward momentum.

Support levels are noted at $2,606 and $2,525. Silver attempted to break above $32.50 but failed to close above this level. A daily and weekly close above this level will likely initiate the next upward momentum.

The price remains above the 20 and 50 SMAs, indicating an upward trend. Critical support levels are at $29.42 and $30.81. The AUD/USD pair has seen strength due to the gold market’s performance.

However, the recent strength of the US dollar pushed the AUD/USD pair lower. The price has dropped below the breakout zone of the Adam and Eve pattern but remains above the 50 and 200 SMAs, indicating an overall upward trend. In summary, the upcoming CPI data and other economic reports are expected to drive significant market movements in gold, silver, and AUD/USD.

Traders and analysts will be closely monitoring these indicators for potential shifts in the market trends.

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• FXEmpire.”Gold, Silver, AUD/USD Technical Analysis for CPI Week”.
• ForexFactory.”Gold, Silver, AUD/USD Technical Analysis for CPI Week”.
• XM.”Weekly Technical Outlook – USDJPY, NZDUSD, Oil”.

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