Gold Price Forecast: Softer United States Treasury bond yields lure XAU/USD bulls, Nonfarm Payrolls eyed Gold XAUUSD SEO YieldCurve NFP
ggest daily run-up in a week. Apart from the XAU/USD trader’s anxiety ahead of the United States employment data for February, challenges to sentiment and doubts on the latest retreat in the US Treasury bond yields also probe the bullion buyers of late.Gold price cheered mixed prints of the second-tier United States employment data and a pullback in the US Treasury bond yields to print the biggest daily jump in a week that pokes the short-term key resistance around $1,831.
On Wednesday, the US ADP Employment Change rose to 242K in February versus 200K market forecasts and 119K prior . Further, January JOLTS job openings were 10.8M, compared to an upwardly revised 11.2M prior and 10.6M market forecast. On the same line, US Initial Jobless Claims rose to 211K for the week ended on March 03 versus 195K expected and 190K prior. Additionally, the Challenger Job Cuts were down and the Continuing Jobless Claims were up.
Overall, the early signals for Friday’s Nonfarm Payrolls appear mixed. However, analysts’ estimations for the Nonfarm Payrolls appear too low at 203K, versus 517K prior, which in turn raises expectations of a positive surprise. The same may help the Gold bears to return to the table if details surrounding the wage growth and Unemployment Rate also refrain from the pessimistic outcome.It should be noted that the US 10-year and two-year Treasury bond yields eased to 3.92% and 4.87% versus 5.
managed to pare some of the daily losses by the end of Thursday but failed to ignore the biggest daily fall in a week.Despite the latest lack of clarity in the markets due to the mixed United States data, the market’s bets on the Federal Reserve remain hawkish, which in turn challenges the Gold buyers ahead of the key US data. On Wednesday, Federal Reservehighlighted the data dependency while also signaling that they have underestimated the resilience of growth and inflation.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD bulls stay involved despite weak close on Wall StreetGold price is up some 0.9% and has traveled from a low of $1,812.02 and moved higher sharply to test $1,835.64 as the US Dollar shed some more points
Read more »
Gold Price Forecast: XAU/USD struggles near one-week low amid hawkish Federal ReserveGold prices bounces off over a one-week low touched earlier this Wednesday and steadily climbs to the $1,815 region during the first half of the Europ
Read more »
Gold Price Forecast: XAU/USD holds around $1,815 after ADP reportGold prices continued to move near $1,815/oz following the release of US employment data that surpassed expectations. XAU/USD dropped toward $1,810 an
Read more »
Gold Price Forecast: XAU/USD to suffer more pain on a break below $1,806 – TDSGold fell sharply following the hawkish comments from the Fed Chair Powell. Strategists at TD Securities note that the yellow metal could suffer addit
Read more »
Gold Price forecast: XAU/USD bears eye break of $1,800 and 200 DMAGold prices fell for a second day on Wednesday although markets stabilised following yesterday’s rout as traders await the February Nonfarm Payrolls t
Read more »
Gold Price Forecast: XAU/USD stays defensive above $1,800 ahead of United States Nonfarm PayrollsGold price (XAU/USD) stretches Wednesday’s boring moves around $1,815 as it seeks more clues during early Thursday, amid a firmer bearish bias due to
Read more »