Gold Price Forecast: XAU/USD to move higher if US data comes weaker than expected – TDS
Source Fxstreet
Gold (XAU/USD) closed at an all-time high on Friday. Economists at TD Securities analyze the yellow metal’s outlook for the week ahead.
Data from the US could trigger a big reaction in XAU/USD
February ISM services, payrolls, wages and unemployment data may well be catalysts for Gold to move higher if they come in significantly weaker than expected. Otherwise, much of the latest gains will likely be given back.
We suspect that data will be weaker, but not so poor as to drive yields much lower. As such, the market will have to wait for our $2,300+ trading target to manifest a while longer.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Gold price (XAU/USD) trades on a flat note around $4,455 during the early Asian session on Thursday. The precious metal steadies as US-Iran peace negotiations face uncertainties.
The broader cryptocurrency market is down $2.45 trillion on Thursday, from $2.54 trillion the previous day, led by Bitcoin’s (BTC) decline below $73,000.
Here is what you need to know on Friday, May 29:
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