Gold Price Forecast: XAU/USD consolidates above $1,900, eyes US NFP for fresh impetus – by hareshmenghani Gold Commodities Fed NFP XAUUSD
Gold price oscillates in a narrow trading band just above the weekly low touched on Thursday.Investors now look to the release of the key US NFP report before placing fresh directional bets.struggles to capitalize on the overnight modest bounce from the vicinity of the $1,900 mark, or the weekly low and remains on the defensive through the Asian session on Friday.
This, to a larger extent, overshadowed data showing Weekly Initial Jobless Claims rose more than anticipated last week and JOLTS Job Opening for May missed consensus estimates. In fact, the US Department of Labor reported that there were 248K initial jobless claims during the week that ended on July 1 as compared to the previous week's print of 236K and slightly higher than the market expectation of 245K.
report is due later during the early North American session and might influence expectations about the Fed's rate-hike path. This, in turn, will drive the USD demand and provide a fresh impetus to the XAU/USD.From a technical perspective, the overnight swing low, just ahead of the $1,900 mark, might continue to act as an immediate support ahead of the $1,893-$1,892 region or the multi-month low touched last week.
On the flip side, the $1,918-$1,919 area now seems to act as an immediate hurdle. This is closely followed by the $1,925-$1,926 region, above which the Gold price could climb back to the 100-day Simple Moving Average , currently around the $1,947 zone. A sustained strength beyond the latter might trigger a short-covering rally and lift the Gold price to the $1,962-$1,964 area en route to the $1,970-$1,972 supply zone.
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