#XAUUSD @ 1724.31 -imp levels: Gold Price Forecast: to remain under pressure ahead of NFP
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Gold stays under heavy bearish pressure. With Fed policymakers reiterating the significance of the August inflation and employment data ahead of the September meeting, gold could struggle to stage a rebound ahead of Friday’s Nonfarm Payrolls (NFP) report, FXStreet’s Eren Sengezer reports.
“On Wednesday, Eurostat will release Harmonised Index of Consumer Prices (HICP) data for August. Markets expect the annual HICP to edge lower to 8.6% in August from 8.9% in July. A higher-than-expected reading could trigger a euro rally and cause the dollar to lose demand. Although XAU/USD could gain traction in that scenario, it could find it difficult to climb steadily if global yields push higher.”
“On Thursday, the ISM Manufacturing PMI from the US will be looked upon for fresh impetus. Experts forecast the headline PMI to stay largely unchanged at 52.6 in August and expect the Prices Paid Index to climb to 75 from 60 in July. In case the inflation component confirms that price pressures continued to ease in August, gold could turn north and vice versa.”
“Investors will pay close attention to the US Bureau of Labor Statistics August jobs report. Disappointing growth in Nonfarm Payrolls could trigger a deep dollar sell-off by ramping up the odds of a 50 basis points rate hike in September. On the other hand, another above-500K print could confirm a further oversized rate increase and provide a boost to the dollar.”
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