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Gold Price Forecast: XAU/USD's path of least resistance appears down as US Nonfarm Payrolls data looms

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The daily chart shows that Gold's price has broken the recent range to the downside as the 14-day Relative Strength Index (RSI) turns lower below the midline. Adding credence to the renewed decline in Gold price, the previous week's Bear Cross continues to act as a headwind.
The article from FXStreet discusses the current trends and future expectations for gold prices (XAU/USD) as the U.S. Nonfarm Payrolls (NFP) data release approaches. Gold prices have been experiencing a bearish trend, with the metal trading at around $2,020, down from a high of $2,144. The analysis suggests that the path of least resistance for gold appears to be downward due to several factors including a strong U.S. dollar, rising U.S. Treasury yields, and expectations of a robust NFP report which could further strengthen the dollar. The article highlights that despite some dovish comments from Federal Reserve officials, the market's focus remains on economic indicators like employment data, which could influence the Fed's future rate decisions. If the NFP data exceeds expectations, it might lead to a further drop in gold prices, potentially testing lower support levels like $2,000 or even $1,980. Conversely, a disappointing NFP could provide a temporary boost to gold prices, but the overall sentiment leans towards a bearish outlook for gold in the short term.

Read the Full FXStreet Article at:
[ https://www.fxstreet.com/analysis/gold-price-forecast-xau-usds-path-of-least-resistance-appears-down-as-us-nonfarm-payrolls-data-looms-202412060303 ]