Gold Price Forecast: XAU/USD lures bulls ahead of Federal Reserve Minutes, United States Nonfarm Payrolls Gold XAUUSD NFP Fed SEO
US Dollar weakness underpins XAU/USD strength even as holiday mood limits upside momentum.
On Friday, Chicago Purchasing Managers’ Index crossed the market consensus of 41.2 and the 37.2 previous readings to print the 44.9 figures for December. Even so, the activity gauge signaled contraction for the fourth consecutive month.Despite the broadly weaker DXY in the last three months, the recent fears emanating from the worsening coronavirus conditions in China seem to challenge the Gold buyers, mainly due to Beijing’s status as one of the world’s biggest commodity users.
Given the global economic fears, the XAU/USD bulls may witness further hardships amid the holiday-thinned markets.In addition to the challenges to Gold traders from China and the global economic concerns, the cautious mood ahead of the Minutes of the latest Federal Open Market Committee and monthly employment data for the United States could also challenge the XAU/USD upside.
It’s worth noting, however, that the RSI approaches the overbought territory and suggests the XAU/USD pullback, which in turn highlights a three-week-long horizontal hurdle surrounding $1,825 as the key for the Gold buyers to watch.
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