Gold Price Forecast: NFP Data to Decide Next XAU/USD Breakout
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Gold remains in a tight range as traders wait for key U.S. jobs data to guide the next move in the dollar, yields and gold prices.
Gold (XAU) price remains in a tight consolidation range as buyers defend the $4,350 to $4,500 support zone. The market now waits for Friday’s NFP data that could define the next move in the U.S. dollar, Treasury yields and gold prices. In my view, a break above $4,650 would improve the short term outlook and open the path toward $5,000. But a break below $4,350 would increase the risk of a deeper drop toward $4,000. This article presents the key macro drivers, technical levels, breakout zones and risks that may define the next move in gold.