Gold Price Forecast: XAU/USD jumps on NFP disappointments and bulls eye test of $1,850 Gold Commodities DollarIndex Fed
Gold price bulls eye a break of $1,850 to take back control.
The analysts at TD Securities explained that yesterday, ''the V/U ratio remained at a historical high of 1.9 vacancies per unemployed person. In terms of quits, the quits rate did decline to 2.5%, a two-year low, but the lay-offs rate remained quite low at 1.1% and in line with what we've seen in 2022. Overall, a robust report in line with continued labor market strength,'' the analysts argued.
Fed funds futures had already been showing that investors had decreased the likelihood of a 50bp hike by the Fed in March to 56%, after being as high as 75% following Powell's speech this week. Leading into the event, Gold price crossed back above the $1,825 mark in the pursuit of the M-formation's neckline around the 50% mean reversion mark:As illustrated, Gold price has rallied on knee-jerk. There is a support location down at $1,804 with resistance above $1,850.
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