Gold Price Forecast: NFP Data to Decide Next XAU/USD Breakout
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Key Points:
- Gold is holding a major support zone as traders wait for Friday’s NFP data to decide the next move.
- The U.S. dollar, oil prices, and Treasury yields remain the main forces controlling gold’s short-term direction.
- Gold needs a clear breakout above resistance to regain momentum, while a failure at support could shift sentiment quickly.
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.