Gold Price Forecast: XAU/USD extends record run beyond $3,570
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADEXAU/USD Current price: $3,571.87
- Softer-than-anticipated US employment data put pressure on the Greenback.
- The US will publish the ADP Employment Change report and the Services PMI on Thursday.
- XAU/USD keeps rallying in unexplored territory, bulls looking for higher highs.
Spot Gold keeps challenging gravity, reaching fresh record highs on Wednesday, and advancing for a seventh consecutive day amid persistent risk aversion. The bright metal surpassed for the first time ever the $3,570 mark, maintaining its positive bias in the mid-American session and aiming to test the next relevant threshold, the $3,600 level.
Safe-haven flows prevailed throughout the first half of the day amid concerns gyrating around long-term government bonds. Global long-term debt suffered after the yield on the United Kingdom 30-year gilt reached multi-year highs on Tuesday.
The US Dollar (USD) found some near-term footing amid the dismal mood, but turned south after the release of United States (US) employment figures. As a result, the bright metal extended its rally.
The US reported that the number of job openings on the last business day of July stood at 7.18 million, according to the US Bureau of Labor Statistics (BLS) and as reported in the Job Openings and Labor Turnover Survey (JOLTS). The reading followed the 7.35 million (revised from 7.43 million) openings recorded in June and came in below the market expectation of 7.4 million.
On Thursday, the focus shifts to the ADP Employment Change report, a survey on private job creation usually released ahead of the official Nonfarm Payrolls (NFP) report. The US will also release the August ISM Services Purchasing Managers’ Index (PMI).
XAU/USD short-term technical outlook
The daily chart for the XAU/USD pair shows that the bullish momentum is strong, as the pair keeps reaching records on an hourly basis. Technical indicators head firmly north despite being in extreme overbought readings. At the same time, the pair develops far above all its moving averages, with the 20 Simple Moving Average (SMA) picking up upward strength yet at around $3,391.
Gold is extremely overbought in the near term, yet there are no technical signs of bullish exhaustion. In the 4-hour chart, the Relative Strength Index (RSI) consolidates at around 84, while the Momentum indicator is partially losing its upward strength at extreme readings. At the same time, the 20 SMA aims higher almost vertically, over $150 above mildly bullish 100 and 200 SMAs, in line with higher highs ahead.
Support levels: 3,551.40 3.538.90 3,526.60
Resistance levels: 3,580.00 3,600 3,615.00
Economic Indicator
Nonfarm Payrolls
The Nonfarm Payrolls release presents the number of new jobs created in the US during the previous month in all non-agricultural businesses; it is released by the US Bureau of Labor Statistics (BLS). The monthly changes in payrolls can be extremely volatile. The number is also subject to strong reviews, which can also trigger volatility in the Forex board. Generally speaking, a high reading is seen as bullish for the US Dollar (USD), while a low reading is seen as bearish, although previous months' reviews and the Unemployment Rate are as relevant as the headline figure. The market's reaction, therefore, depends on how the market assesses all the data contained in the BLS report as a whole.
Read more.Next release: Fri Sep 05, 2025 12:30
Frequency: Monthly
Consensus: 75K
Previous: 73K
Source: US Bureau of Labor Statistics
America’s monthly jobs report is considered the most important economic indicator for forex traders. Released on the first Friday following the reported month, the change in the number of positions is closely correlated with the overall performance of the economy and is monitored by policymakers. Full employment is one of the Federal Reserve’s mandates and it considers developments in the labor market when setting its policies, thus impacting currencies. Despite several leading indicators shaping estimates, Nonfarm Payrolls tend to surprise markets and trigger substantial volatility. Actual figures beating the consensus tend to be USD bullish.
XAU/USD Current price: $3,571.87
- Softer-than-anticipated US employment data put pressure on the Greenback.
- The US will publish the ADP Employment Change report and the Services PMI on Thursday.
- XAU/USD keeps rallying in unexplored territory, bulls looking for higher highs.
Spot Gold keeps challenging gravity, reaching fresh record highs on Wednesday, and advancing for a seventh consecutive day amid persistent risk aversion. The bright metal surpassed for the first time ever the $3,570 mark, maintaining its positive bias in the mid-American session and aiming to test the next relevant threshold, the $3,600 level.
Safe-haven flows prevailed throughout the first half of the day amid concerns gyrating around long-term government bonds. Global long-term debt suffered after the yield on the United Kingdom 30-year gilt reached multi-year highs on Tuesday.
The US Dollar (USD) found some near-term footing amid the dismal mood, but turned south after the release of United States (US) employment figures. As a result, the bright metal extended its rally.
The US reported that the number of job openings on the last business day of July stood at 7.18 million, according to the US Bureau of Labor Statistics (BLS) and as reported in the Job Openings and Labor Turnover Survey (JOLTS). The reading followed the 7.35 million (revised from 7.43 million) openings recorded in June and came in below the market expectation of 7.4 million.
On Thursday, the focus shifts to the ADP Employment Change report, a survey on private job creation usually released ahead of the official Nonfarm Payrolls (NFP) report. The US will also release the August ISM Services Purchasing Managers’ Index (PMI).
XAU/USD short-term technical outlook
The daily chart for the XAU/USD pair shows that the bullish momentum is strong, as the pair keeps reaching records on an hourly basis. Technical indicators head firmly north despite being in extreme overbought readings. At the same time, the pair develops far above all its moving averages, with the 20 Simple Moving Average (SMA) picking up upward strength yet at around $3,391.
Gold is extremely overbought in the near term, yet there are no technical signs of bullish exhaustion. In the 4-hour chart, the Relative Strength Index (RSI) consolidates at around 84, while the Momentum indicator is partially losing its upward strength at extreme readings. At the same time, the 20 SMA aims higher almost vertically, over $150 above mildly bullish 100 and 200 SMAs, in line with higher highs ahead.
Support levels: 3,551.40 3.538.90 3,526.60
Resistance levels: 3,580.00 3,600 3,615.00
Economic Indicator
Nonfarm Payrolls
The Nonfarm Payrolls release presents the number of new jobs created in the US during the previous month in all non-agricultural businesses; it is released by the US Bureau of Labor Statistics (BLS). The monthly changes in payrolls can be extremely volatile. The number is also subject to strong reviews, which can also trigger volatility in the Forex board. Generally speaking, a high reading is seen as bullish for the US Dollar (USD), while a low reading is seen as bearish, although previous months' reviews and the Unemployment Rate are as relevant as the headline figure. The market's reaction, therefore, depends on how the market assesses all the data contained in the BLS report as a whole.
Read more.Next release: Fri Sep 05, 2025 12:30
Frequency: Monthly
Consensus: 75K
Previous: 73K
Source: US Bureau of Labor Statistics
America’s monthly jobs report is considered the most important economic indicator for forex traders. Released on the first Friday following the reported month, the change in the number of positions is closely correlated with the overall performance of the economy and is monitored by policymakers. Full employment is one of the Federal Reserve’s mandates and it considers developments in the labor market when setting its policies, thus impacting currencies. Despite several leading indicators shaping estimates, Nonfarm Payrolls tend to surprise markets and trigger substantial volatility. Actual figures beating the consensus tend to be USD bullish.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.