Gold Price Forecast: XAU/USD bulls fight to extend control as focus shifts to US NFP

This Thursday, gold is adding onto the previous recovery gains despite the ongoing US dollar’s strength and an uptick in the Treasury yields. XAU/USD bulls are testing bearish commitments, as focus shifts to US Nonfarm Payrolls, FXStreet’s Dhwani Mehta briefs.

See – Gold Price Forecast: XAU/USD to stop its decline at the $1735 mark – Commerzbank

Gold’s upside appears elusive, as traders shift their focus towards US ISM, NFP

“It remains to be seen if the yellow metal sustains the recovery, as traders turn cautious ahead of the US ISM Manufacturing PMI, with the focus on the employment sub-index, especially after the ADP NFP outpaced expectations. Also, with the leading indicator to Friday’s NFP report, markets remain hopeful that upbeat numbers could ramp up Fed’s hawkish expectations, in turn, negatively impacting gold price.”

“The bulls are challenging the horizontal 50-Simple Moving Average (SMA) at $1777. Acceptance above the latter could add legs to the recovery momentum, sparking a rally towards $1800. The buyers will then target the bearish 100-SMA at $1812.”                                    

“A four-hourly candlestick closing below the downward-sloping 21-SMA at $1770 could recall the sellers and threaten the previous week’s low of $1761. Further south, the two-month lows near $1750 could be next on their radars.”