Gold Price Forecast: XAU/USD bulls eye key territories above ahead of NFP Gold Technical Analysis Commodities DollarIndex Fed
All now depends on the NFP data on Friday. price was rising on Thursday and climbed from a low of $1,953.44 to score a high of $1,983.15 on the day. The US Dollar eased following passage of the US debt-ceiling agreement through the House on Wednesday.
As for Federal Reserve speak, Fed´sGovernor Philip Jefferson and Philadelphia Fed President Patrick Harker suggested the central bank would skip a rate hike in the next meeting. This all comes ahead of the US showdown on Friday. A strong outcome will likely reignite a US Dollar rally and weigh on the Gold price.
´´US payrolls likely slowed modestly in May, advancing at a still strong 200k+ pace for a second consecutive month. We also look for the Unemployment Rate to stay unchanged at a historical low of 3.4%, and for wage growth to print 0.3% MoM ,´´ analysts at TD Securities said.The above schematic is a hypothetical scenario for the Gold price as we head towards the Nonfarm Payrolls event on Friday.
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