Weekly Forecast Gold Price.NFP Vs WWGD
Based on recent market analysis, gold prices are expected to remain under pressure this week. After staying flat at $2,345 per troy ounce, gold slipped below key support levels and its 50-day simple moving average, indicating prices may go lower. Gold typically has an inverse relationship with interest rates, with higher rates damping investor enthusiasm for gold. If the price does not rebound above $2,340, we might see a deeper pullback towards $2,277, which represents the 61.8% Fibonacci retracement of the March-May rally, and possibly $2,225. However, a resurgence above $2,340 could renew buying interest and push prices toward $2,380 and beyond. Additionally, upcoming US NFP data will be critical in directing gold's performance, with a test of $2,280 likely if Treasury yields continue to rise.
During the NFP report release, expect market volatility. Some traders might avoid trading gold during this time and wait for the market to calm down.
After the NFP report, traders will assess the data. Strong job numbers could lead to more selling of gold, while weak numbers might encourage buying, anticipating a rise in gold prices.
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