GOLD Price Aims for $2,000 as USD Stumbles Ahead of NFP Data
Updated
Gold Price Aims for $2,000 as USD Stumbles Ahead of NFP Data
Gold prices are gearing up for another push towards the $2,000 mark as the US Dollar and US Treasury bond yields struggle to regain their footing amid a backdrop of looming US Nonfarm Payrolls (NFP) data.
In line with our previous analysis, the price remains firmly within a bullish channel. It recently experienced a rebound at the 50% to 61.8% Fibonacci retracement levels, positioned on the lower side of the channel. With the $2,000 threshold in sight, the price may extend its gains, possibly reaching our second take profit level. Today's NFP release will be crucial in determining the market's response.
The focus is squarely on the forthcoming US Nonfarm Payrolls data, which is expected to have a significant impact. Gold's current strength is being underpinned by the struggling US Dollar and US Treasury bond yields. Both are grappling to find stability after sustaining substantial losses following the Federal Reserve's ambiguous policy outlook.
Our preference
Above 1960 look for further upside with 2000 & 2020 as targets.
Gold prices are gearing up for another push towards the $2,000 mark as the US Dollar and US Treasury bond yields struggle to regain their footing amid a backdrop of looming US Nonfarm Payrolls (NFP) data.
In line with our previous analysis, the price remains firmly within a bullish channel. It recently experienced a rebound at the 50% to 61.8% Fibonacci retracement levels, positioned on the lower side of the channel. With the $2,000 threshold in sight, the price may extend its gains, possibly reaching our second take profit level. Today's NFP release will be crucial in determining the market's response.
The focus is squarely on the forthcoming US Nonfarm Payrolls data, which is expected to have a significant impact. Gold's current strength is being underpinned by the struggling US Dollar and US Treasury bond yields. Both are grappling to find stability after sustaining substantial losses following the Federal Reserve's ambiguous policy outlook.
Our preference
Above 1960 look for further upside with 2000 & 2020 as targets.
Trade closed: target reached
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