Gold Price News and Forecast: XAU/USD under tremendous selling pressure ahead of US NFP


Gold getting close to possible shorts

GOLD is having a retracement in downtrend. Yesterday, the price tanked making a fresh low and today we might see a sell-off in the 78.6-88.6 zone.

1812-1815 is the zone where GOLD could possibly reject. We can also see trend lines adding to the confluence. A rejection of the 78.6-88.6 zone is looking possible. If it happens targets are 1808 followed by 1780 and 1766. Have in mind the NFP today so we should be seeing some volatility but generally GOLD is sold on rallies. Read more...

Gold

Gold under tremendous selling pressure ahead of US NFP

Today is the most critical day for markets and traders. Today, we are going to get another update about the health of the US economy when the US NFP data will be released. There is no doubt that the stage is set for a strong US NFP reading. This is because we had a strong US ADP, ISAM manufacturing, and ISM Non-Manufacturing reading, and weekly Jobless Claims data also shows enormous strength.

We also need to keep in mind that there is a higher degree of disappointment because market players are hoping for strong reading, and if the report shows weak numbers, we are likely to see gigantic moves in the markets. This means that the Dow Jones, the S&P 500, and the Nasdaq, which are set to post their best weekly gains since November, will see a massive sell-off. It is also likely that we may see an enormous spike in the gold price, which has been under selling pressure more recently. Read more...

fxsoriginal

XAU/USD outlook: Gold is consolidating after 2.2% fall; NFP in focus for fresh signals

Spot gold is consolidating above new two-month low ($1785) posted on Thursday after 2.2% daily drop (the biggest one-day loss since Jan 8) which broke and closed below psychological $1800 level.
The yellow metal came under increased pressure from stronger dollar and brighter economic outlook on improving macroeconomic data and falling number of Covid-19 infections that undermined demand.
The metal is used as an inflation hedge and should remain under pressure until the economic recovery picks up and pushes inflation higher in late second and third quarter 2021, according to the expectations. Read more...

XAUUSD

 

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.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds above 1.22 as the dollar slides across the board

EUR/USD has extended its gains and has topped 1.22, the highest since February. The safe-haven dollar is weakening amid the risk-on mood and as the Fed sticks to its dovish policy. US housing figures were mixed. The Fed's Bostic is set to speak later. 

EUR/USD News

GBP/USD extends corrective slide below 1.4200

GBP/USD trades around 1.4180, retreating from 1.4219, the highest since February. Britain's unemployment rate surprisingly dropped to 4.8% as the reopening continues. The dollar is on the back foot amid the upbeat market mood.

GBP/USD News

XAU/USD consolidates below $1870 amid risk-on mood

Gold price has entered a phase of upside consolidation, having faced rejection once again above $1870. The gold price looks unimpressed by the latest leg down in the US dollar, amid dovish Fed expectations.

Gold News

SEC attempts to block XRP holders from presenting evidence in Ripple case

The Securities & Exchange Commission filed another objection to the motion to intervene by XRP holders. The government agency argues that allowing third-party defendants into the case would “sow chaos” into the litigation.

Read more

Coinbase reveals intention to raise $1.25 billion following direct listing

Since its debut on the Nasdaq, Coinbase’s share price has merely collapsed. Given the recent weakness in its stock price, the leading cryptocurrency exchange is looking for a further cash injection. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures