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- Gold Price Forecast: XAU/USD to race higher on a weak NFP ahead of the weekend
Gold Price Forecast: XAU/USD to race higher on a weak NFP ahead of the weekend
Gold recorded its best week since mid-August. ISM PMI surveys and the September jobs report will be featured in the US economic docket. FXStreet’s Eren Segenzer analyzes how XAU/USD could react to the data.
Significant deceleration in service sector inflation likely to hurt the USD
“On Wednesday, the ISM will release the Services PMI report. Price pressures were relatively strong in the service sector in August with the Prices Paid Index arriving at 71.5. A significant deceleration in the service sector inflation is likely to hurt the dollar and vice versa.”
“On Friday, the US Bureau of Economic Analysis will publish the September jobs report. Nonfarm Payrolls are expected to rise by 250K following August’s increase of 315,000. Investors could see a weaker-than-forecast NFP growth as an excuse to sell the dollar and open the door for bullish action in XAU/USD ahead of the weekend. On the flip side, market participants could look to add to their dollar longs if the NFP increases at a stronger pace than projected.”
See – Gold Price Forecast: XAU/USD to suffer more if NFP strengthens the dollar next week – Commerzbank
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