Gold price surged early Friday as traders repositioned ahead of critical US Nonfarm Payrolls (NFP) data release. Fed rate cut expectations and waning trade war fears pushed the US Dollar to the back foot, boosting gold demand.
A Bull Cross on the 4H chart is imminent, with a closing above $2,862 validating the bullish continuation pattern. This could propel gold price towards record highs at $2,900 or beyond. However, traders remain cautious due to the significant impact of NFP data on US Federal Reserve interest rate cuts and currency markets.
The US economy is expected to create 170,000 jobs in January, with the Unemployment Rate staying at 4.1%. A smaller-than-expected NFP figure could indicate loosening labor market conditions, driving Gold price to fresh all-time highs. Markets will closely watch actual figures beating consensus estimates, which tend to be USD bullish.
As investors wait for the NFP release, gold price remains close to record high, driven by trade war fears and Fed rate cut bets. A slow job growth in January amid Fed uncertainty is forecasted, with economists expecting 170,000 jobs added to the economy.
Source: https://www.fxstreet.com/analysis/gold-price-forecast-xau-usd-focuses-on-record-highs-and-us-nonfarm-payrolls-202502070319