During Friday’s Asian trading window, XAUUSD Chart Technical Outlook the Gold price displayed a modest uptick, momentarily halting its nine-day decline, as it hovers around $1,813 – a seven-month nadir reached just a day prior. Despite this ascent, a substantial rally remains doubtful. Investors might adopt a cautious stance as they await the pivotal US monthly job statistics, slated for release later on the same day.
The forthcoming Nonfarm Payrolls (NFP) publication is anticipated to sculpt market perceptions regarding the Federal Reserve’s upcoming interest rate trajectory, offering a renewed momentum to gold’s valuation. Concurrently, the ongoing discussion about the Federal Reserve’s prospective policy adjustments bolsters the strength of US bond yields. This buoyancy aids the US Dollar (USD) in counteracting its two-day receding trend from its annual zenith, potentially limiting Gold’s gains.