GOLD PRICE FORECAST: XAU/USD EYES US ADP REPORT AND FED MINUTES FOR NEXT PUSH HIGHER
GOLD PRICE FORECAST: XAU/USD EYES US ADP REPORT AND FED MINUTES FOR NEXT PUSH HIGHER
Gold price is consolidating near $2,650, awaiting the US ADP jobs report and the Fed Minutes for the next move higher.
The US dollar pauses its rise, and Treasury bond yields stabilize, despite a softer risk tone.
Gold price faces pressure as the market prices out rate cuts by the Fed, with expectations for a March rate hike diminishing.
Positive US job openings data (JOLTS survey) adds to hawkish Fed expectations, limiting gold's upside potential.
Gold price maintains bullish momentum above the 50-day SMA and RSI regains positive territory.
