Gold Price Forecast: Strong Jobs Data Hides Weak Labour Trends as XAUUSD Tests $4,800
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Key Points:
- Gold is consolidating between $4,400 and $4,800, with a potential breakout toward $5,000 if resistance is cleared.
- Strong payroll data contrasts with weakening labor trends, while sticky wages keep pressure on yields and the dollar.
- The bearish gold-to-silver ratio signals strength in precious metals, with silver likely to lead the next rally.
Gold (XAU) price recovered from the 200-day SMA and then moved to the $4,800 level. I believe that this action is a consolidation step, which is driven by mixed macro indicators, with good payroll data in contrast to declining underlying labor trends. This article discusses the US labour market trend, technical structure and key levels that will either see gold break above $4,800 or remain in consolidation.