Gold Price Forecast: XAU/USD to drop to the August low of $1692 on a break below $1722 – Commerzbank

EUR/USD gains traction and rises toward 1.1800 in the second half of the day on Tuesday. The US Dollar weakens and helps the pair stretch higher after the employment report showed that Nonfarm Payrolls declined by 105,000 in October before rising by 64,000 in November.

GBP/USD stays in positive territory above 1.3400 on Tuesday. The British Pound benefits from upbeat PMI data, while the US Dollar struggles to find demand following the mixed employment figures, allowing the pair to hold its ground.

Gold reverses its direction and recovers above $4,300 after spending the first half of the day under bearish pressure. The renewed US Dollar weakness after the jobs report showed that the Unemployment Rate climbed to 4.6% in November helps XAU/USD push higher in the American session.

Retail Sales in the United States were virtually unchanged at $732.6 billion in October, the US Census Bureau reported on Tuesday. This print followed the 0.1% increase (revised from 0.3%) recorded in September and came in below the market expectation of +0.1%.

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.