Gold Price Forecast: XAUUSD stills down $20 from daily high post-US jobs data – by christianborjon Gold XAUUSD UnitedStates NFP Fed
Stellar US jobs data exerts further pressure on the Fed, as next week CPI is eyed.remained on the defensive late during the New York session after an early US employment report showed that the Federal Reserve is “right” about pushing back on recession chatter. However, next week’s data, led by the Consumer Price Index , might signal that probably, Fed tightening is working. Meanwhile, XAUUSD is trading at $1773.33, down by almost 1%.
Regarding wages, namely Average Hourly Earnings, an essential component of the employment report and closely watched by theThe financial market’s reaction saw the greenback jumping, asreached a daily high of around 106.930, while the US 10-year bond yield peaked at 2.869%. Additionally, money market futures expect a 75 bps rate hike for the September meeting, while the yellow metal slashed $35, hitting a daily low at $1764 a troy ounce.
Elsewhere, tensions between the US and China, courtesy of US House Speaker Pelosi’s trip to Taiwan, weighed on the market’s mood. Once Pelosi’s visit finished, China conducted aggressive military drills around Taiwan and announced sanctions against Nancy Pelosi and her family on Friday.
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