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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As of the Asian session on August 31, gold prices today (XAUUSD) extended last Friday's decline, briefly falling below $4,400 during intraday trading to hit a low of $4,396.36. Last Frida
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, regains positive traction on Tuesday and climbs back above the mid-99.00s during the first half of the European session.
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