Gold Price Forecast: XAU/USD bulls retreat amid recession woes ahead of United States Nonfarm Payrolls Gold XAUUSD SEO NFP Recession
XAU/USD prints the biggest daily loss in two weeks amid recession woes, cautious mood ahead of United States Nonfarm Payrolls.
Talking about the latest US employment data, US Initial Jobless Claims improved to 228K for the week ended on March 31 versus 200K expected and upwardly revised 246K prior. It’s worth noting that the Challenger Job Cuts for the said month rose to 89.703K from 77.77K prior. Previously, US JOLTS Job Openings dropped to the 19-month low in February while the ADP Employment Change for March also disappointed markets with 145K figures.
Given the looming fears of recession, Gold traders will have to closely examine the incoming US employment data to trade better.Not only the looming fears of the economic slowdown that recently challenged the Gold buyers, but escalating geopolitical fears surrounding the US, China, Russia and North Korea also seem to poke the XAU/USD prices.
Russia’s latest likes for the Chinese Yuan and the China-Brazil pact to ignore the US Dollar as an intermediate currency are a keyAdding strength to the Gold’s likelihood are the chatters that some of the US Congressmen have proposed a Gold Standard Restoration Act to defend the US Dollar. The bill suggests re-pegging the greenback with a fixed amount of the Gold’s weight, like it was before 1971.
With this, the Gold price is well-set to break the immediate support, which in turn can direct the quote toward the 100-bar Simple Moving Average of around $1,971.
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