Gold price is gathering pace to resume the recent upside early Friday, following a flattish close on Thursday.
Gold price is looking to regain footing early Friday amid intense risk aversion. Dovish Fed bets keep the US Dollar and US Treasury bond yields on the back foot. Middle East escalation and US economic woes keep Gold buyers hopeful. Gold price looks poised to extend recent upside but US Nonfarm Payrolls report holds the key. Gold price needs to find acceptance above the $2,450 barrier but its next price direction depends upon the US Nonfarm Payrolls data release.
1% while the annual Average Hourly Earnings are set to rise by 3.7% in July, following June’s 3.9% increase. Gold price technical analysis: Daily chart Weak headline NFP print combined with soft wage inflation could bolster 50 bps rate-cut bets for September by the Fed, triggering a fresh Gold price rally. In such a case, Gold price could retest the July 18 high of $2,475, above which the lifetime highs of $2,484 will be in focus.
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