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

FXStreet Team FXStreet

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 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...

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...

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FXStreet Team

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