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- Gold Price Forecast: XAU/USD remains capped below 21-DMA at $1,953 ahead of NFP
Gold Price Forecast: XAU/USD remains capped below 21-DMA at $1,953 ahead of NFP
Heading into the NFP showdown this Friday, gold price is lacking a clear directional bias. The next price direction in gold totally depends on the outcome of the US payrolls and to some extent the peace talks, FXStreet’s Dhwani Mehta reports.
All eyes remain on the US NFP and Russia-Ukraine peace talks for fresh cues
“Markets await the Russia-Ukraine online peace talks for some clarity on the ongoing saga. The US NFP, however, will emerge as the main market drive for gold, as it will offer fresh insights on the Fed’s next interest rate move.”
“Gold bulls need acceptance above the horizontal 21-Daily Moving Average (DMA) at $1,953 is critical to extending this week’s uptrend. Meanwhile, the ascending 50-DMA at $1,898 will emerge as powerful support if bears fight back control.”
“On the upside, the previous year’s high at $1,960 will be the level to beat for bulls should 21-DMA resistance cave in. Alternatively, the February 24 low of $1,878 could come to the rescue of gold optimists on a firm break below the 50-DMA.”
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