Gold (XAU/USD) falls on good NFP report, EUR falls on natural gas threat [Video]

Did you see what the US Non-Farm Payroll Report did to Gold? 

I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at the Hang Seng Index (HK50), EURUSD, Natural Gas (NatGas), USDJPY, and Gold (XAUUSD).

New traders don’t always remember that we trade in pairs so when the USD get stronger, the price of Gold falls.

This is what happened last week with a better-than-expected US Non-Farm Payroll report.

If you want to know more about analysing pairs…currency pairs, gold, indices, just register for our webinar next week.

Getting back to Gold, we looked at the possible fall of XAUUSD last week and it happened with price action at this level of support at about $1740 with a key level below at about $1680.

JPY just keeps getting weaker with USDJPY reaching 137 so we are not ready for the “Big Short” just yet.

Natural Gas opened this morning with a gap to the upside based on the threat of Russian gas supply cuts.

The Nordstream pipeline has been closed for 10 days for routine maintenance but watch the news for more promises or threats and let’s see if price action fills that gap.

This threat is affecting the entire European economy with EUR falling against every other pair and many countries are preparing for a full gas supply cut, just in case.

Indices are over the world are falling but the most dramatic are in China and Hong Kong with Australia not far behind.

We will look at indices from the technical side tomorrow but just remember, we are not free of the COVID threat just yet.

And finally, don’t forget to check your favourite economic calendar as we have Interest Rate decisions from New Zealand and Canada this week.