US NFP Forecast: For XAUUSD pair  2-2-2024

The US Non-Farm Payrolls (NFP) report reflects the total number of paid workers in the US, excluding farm employees, government employees, and nonprofit organization employees. It is released on the first Friday of each month by the Bureau of Labor Statistics.

Today’s given signal :

NFP Trading Strategies

Based on their trading style and risk tolerance, traders employ a variety of strategies to trade the NFP report. NFP trading strategies include:

1. Straddle Strategy: When the NFP report is released, traders use the Straddle strategy to buy and sell currencies. As soon as the report is released, there is a high level of volatility.

2. News Trading : News trading is a strategy that involves trading financial instruments based on news releases, such as the NFP report. Traders can use news trading to capitalize on price movements generated by the news itself, rather than relying on long-term trends or technical indicators. When trading NFP news, traders typically place orders to buy or sell currencies based on their expectations or reactions to the report’s results.

3. Breakout Strategy:  In the Breakout strategy, orders are placed on a currency pair outside of its current price range before the release of the NFP report. After the report is released, there is high volatility, which is an opportunity to take advantage of.

How to use the NFP Report for Trading

Follow these steps to use the NFP report for trading:

1. Keep an eye on the release date and time of the NFP report.

2. Evaluate the market’s sentiment based on the previous NFP report and other economic indicators.

3. Identify the trading strategy that matches your trading style and risk tolerance.

4. Before the NFP report is released, place your orders based on your trading strategy.

5. Adapt your orders based on the market reaction to the NFP report.

Previous released data results :

On last NFP data (5-1-2024) we predict to BUY XAUUSD as for lower NFP Data price was raised.

Check the previous blog :

Check last given signal :

Performance :

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