XAUUSD Technical Analysis 03.02.2023 1h chart

– Previous Daily candle closed strong Bearish at 1912.600 forming Daily Resistance at 1950.300 correcting the whole Bull run from Federal Reserve Bank Rate increase and even breaking the recent Daily Support formed on Tuesday 31st January 2023 at 1923.200.
– Buys on close above 1918.800 targeting 1h Resistance at 1926.200, Leaving Runners to the 1h previous Resistance formed on 1st February 2023 at 1932.200.
– Sells on close below 1911.000 targeting Daily Support formed on Thursday 19th January 2023 at 1904.500, Leaving Runners to the 4h / 1h Support formed at 1897.800.
– We have High Impact News ahead for the US Dollar during the New York session starting with Average Hourly Earnings m/m,  Non-Farm Employment Change m/m, Unemployment Rate and ISM Services PMI.

– What is NFP and Unemployment Rate :

– The Non-Farm Payroll (NFP) is a monthly report released by the Bureau of Labor Statistics (BLS) that provides a snapshot of the US labor market. The NFP measures the number of jobs added or lost in the non-agricultural sector of the economy, excluding farm workers, private household employees, and non-profit organization employees. The unemployment rate, on the other hand, is the percentage of the labor force that is unemployed but actively seeking employment. The NFP and the unemployment rate are both important indicators of the health of the US economy and are closely watched by economists, investors, and policymakers. The NFP report is released on the first Friday of each month and can have a significant impact on financial markets, while a low unemployment rate is typically seen as a sign of a strong economy.