Note

GOLD PRICE ANALYSIS: XAU/USD TRYING TO RECOVER ON THE WEEK, RISING INTO $1,830 POST-NFP

· Views 51




  • Gold spot prices are catching a late-week lift out of the week's lows following a bumper NFP report.
  • XAU/USD is still in bearish territory for the week after draining from $1,850.
  • The US NFP firmly beat market expectations, sending risk appetite into the ceiling for Friday.

Gold spot prices have climbed into $1,833.00 in late Friday trading after a bumper US Non-Farm Payrolls (NFP) printing, and risk-on market flows are sending XAU/USD bids into fresh highs despite still remaining notably lower than Monday's opening prices.

The US economy added an unexpected 26K jobs to the employment landscape, handily beating the forecast 170K and rising even further from the previous reading of 227K, which was revised upwards from 178K.

Market sentiment has pinned firmly bullish following the NFP beat, taking XAU/USD back up the charts after most of the week saw spot Gold prices firmly on the low end.

US Nonfarm Payrolls soar by 336,000 in September vs. 170,000 forecast

Gold prices have been under immense pressure with US Treasury yields pinning into 17-year highs, pushing investors into safe-haven tunnels and sending the US Dollar soaring.

Markets are catching a brief breather from high-side Treasury yields, but next week will see renewed pressure from US Producer Price Index (PPI) figures and the Federal Reserve's (Fed) latest meeting minutes, where investors will be keeping a close eye on the Fed's internal dialogues, looking for hints about the US central bank's path forward on interest rates.


Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com

If you like, reward to support.
avatar

Hot

No comment on record. Start new comment.