This Central Bank Is Likely to Remain a Major Buyer in the Gold Market
Gold trading reminder: Non-farm payroll may create conditions for gold price to reach new highs! FXStreet Chief Analyst's technical outlook for gold price analysis.
In the Asian market on Friday, spot gold maintained a strong trend, and the current price of gold is trading around $2518 per ounce. Valeria Bednari, Chief Analyst at FXStreet, pointed out that in the short term, based on the 4-hour chart, the risk of the gold price trend is still skewed to the upside.
Gold trading reminder: ADP drags the US dollar down to a one-week low, gold price rebounds above 2510, and the non-farm payroll is coming!
The price of gold rose to a one-week high on Thursday due to a weak US dollar and declining yields. Investors expect the Federal Reserve to make a large-scale interest rate cut this month due to signs of a slowdown in the labor market. Attention will now turn to the non-farm payroll report (NFP), which will be released on Friday. According to a Reuters survey, employment growth is expected to accelerate in August, with an estimated increase of 0.16 million non-farm payroll jobs, surpassing the increase of 0.114 million in July. The unemployment rate for August is expected to decrease to 4.2%.
Gold: Positioning Dynamics Is at Extreme Levels – TDS
"Small non-farm" achieves the smallest growth rate in three years, and gold touches the 2520 level.
The ADP report shows that companies added fewer than 0.1 million jobs last month, marking the fifth consecutive month of slowing growth, further confirming the cooling of the job market.
Gold Futures Close Higher