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Forecast for the price of gold: XAU/USD fluctuates over $1,760 as investors await the US NFP

Daniel Rogers

Aug 04, 2022 11:36

截屏2022-08-03 下午3.31.13_1024x576.png 

 

In the early Asian session, the price of gold (XAU/USD) is exhibiting topsy-turvy movements above the nearby support level of $1,760.00. Prior to that, the precious metal showed a responsive purchasing action after Wednesday's low of $1,756.00. The shiny gold has risen to just shy of $1,764.00 after holding onto its two-day low. In the near future, the FX domain will lay the groundwork for the publication of the US Nonfarm Payrolls (NFP), which will influence the asset's future course.

 

There is no doubting that the Federal Reserve (Fedrising )'s interest rates have compelled corporate participants to apply additional filters to their analysis of investment prospects. Before spending large sums of money on projects, businesses conduct a lot of thinking. This has increased the likelihood that the process of creating jobs would suffer substantial harm.

 

In addition, comments from major IT companies suggesting stopping the hiring process for the remainder of the year may cause a sharp decline in job chances. In contrast to June's report of 372k, investors predict 250k job increases in the labor market in July. A vulnerable individual from this group might considerably raise gold prices.

 

On a four-hour time frame, the bottom part of the Rising Channel, which is plotted from the low of July 21 at $1,681.87, and the higher part, which is shown from the high of July 22 at $1,739.37, will see large bids for gold prices.

 

The 200-period Exponential Moving Average (EMA) at $1,764.11 overlaps with the gold prices, signaling a make-or-break situation for gold bulls. The 50-EMA at $1,752.16 is rising, which suggests further potential.