Gold Price Forecast: XAU/USD bears struggle to keep the reins ahead of US Nonfarm Payrolls Gold XAUUSD SEO NFP Fed
It’s worth noting that the Gold price dropped in the last two consecutive weeks, even as the US Dollar remained pressured, amid easing fears of the banking crisis and downbeat headlines surrounding the major XAU/USD consumer China.
Previously, the final readings of the US fourth quarter Gross Domestic Product , also known as the Real GDP, marked an easy Annualized growth number of 2.6% versus 2.7% previous forecasts. Though, the data published by the Conference Board showed that the Consumer Confidence Index in the US improved slightly to 104.2 in March from 103.4 in February.
Amid these plays, the CME’s FedWatch Tool suggests near 52% chances of the Fed’s 0.25% rate hike in May and puts a floor under the Gold price. On the other hand, the S&P 500 Futures print mild losses while the United States Treasury bond yields consolidate the latest losses and challenge the XAU/USD bulls.Looking ahead, Gold price will depend on the United States Purchasing Managers’ Indexes, employment data for March, not to forget headlines surrounding China and banking.
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