XAUUSD 4/8 : Nonfarm news forecast
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Gold prices traded near their lowest levels in more than three weeks, as the dollar and bond yields strengthened.
The dollar rose to a four-week high, making gold more expensive for holders of other currencies. Yields on 10-year US bonds also rose to their highest levels since November 2022.
The USD Index, a measure of the greenback's strength against other major currencies, is currently at 102.4, up 3.2% from the beginning of July.
The market's attention is being turned towards the US Non-Farm jobs report to be released at 7:30 am today 4/8.
The dollar rose to a four-week high, making gold more expensive for holders of other currencies. Yields on 10-year US bonds also rose to their highest levels since November 2022.
The USD Index, a measure of the greenback's strength against other major currencies, is currently at 102.4, up 3.2% from the beginning of July.
The market's attention is being turned towards the US Non-Farm jobs report to be released at 7:30 am today 4/8.
Nota
Gold prices recovered amid a weaker US dollar and sluggish bond markets. However, looming concerns about the Federal Reserve's (Fed) rate hike in September, as well as the market's risk aversion and positioning of US Treasury yields at a low worrying will challenge the buyers of XAU/USD.Nota
Recently released US statistics are mostly upbeat and suggest another rate hike by the Fed in 2023, even if the odds are too low by year's end. In addition, economic concerns stemming from US credit rating downgrade and US-China tensions are more positive factors for the US Dollar, which in turn affects Gold prices.Nota
Gold prices chart for a volatile session on Thursday amid shrinking volumes and open interest. That said, short-term price action does not look clear for now, while further declines are expected to meet the next area of contention at $1,900 per troy ounce.
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