Gold Price Forecast: XAU/USD trades just above $1,940, flirts with 100-day SMA support – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
, and turns out to be a key factor weighing on the Gold price. It is worth recalling that the headline Nonfarm-Payrolls showed that the US economy added 339K jobs in May, higher than the 294K reported in the previous month and smashing estimates for a reading of 190K. This could allow the Federal Reserve to stick to its hawkish stance to bring down stubbornly higher inflation, which continues to push the US Treasury bond yields higher and underpin the USD.
On the flip side, recovery back above the $1,947-$1,949 region is likely to face resistance near the $1.957-$1,958 zone ahead of the $1.983-$1,985 supply zone. The latter should act as a pivotal point, above which a fresh bout of a short-covering could allow the Gold price to reclaim the $2.000 psychological mark and climb to the next relevant hurdle near the $2,010-$2,012 region.
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