Gold Price Forecast: XAU/USD bulls cheer Federal Reserve action ahead of United States Nonfarm Payrolls Gold XAUUSD SEO Fed NFP
statistics also weigh on the US Dollar and propel the XAU/USD price. That said, the US ISM Manufacturing PMI dropped to the lowest levels since June 2020 while marking 47.4 figure for January, versus 48.0 expected and 48.4 prior. Further, the ADP Employment Change also declined to a one-year low with 106K the latest figure compared to the 178K market forecasts and the upwardly revised previous figure of 253K. On the contrary, JOLTS Job Openings rose to 11.012M in December, crossing 10.
Even so, the 100-Exponential Moving Average put a floor under the Gold price near $1,912, a break of which will highlight the stated megaphone’s lower line, close to the $1,900 threshold.
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