🟡 Gold Edges Lower as USD Strength Persists Ahead of US NFP
**Gold (XAU/USD) trades cautiously near key levels as markets position for today’s U.S. jobs report.**
1) What’s happening now:
• Gold remains slightly softer as the U.S. dollar extends recent gains, limiting upside for the non-yielding metal.
• Traders are holding positions ahead of the U.S. Nonfarm Payrolls (NFP) release later today, seeking clarity on the Fed’s rate-cut path.
• Geopolitical risks and dovish Fed expectations are capping downside, keeping gold supported near the mid-$4,400s.
2) Key metrics & levels:
• USD strength: Near one-month highs — softening gold demand.
• Gold near: $4,450 area, above key trend support ($4,320 EMA).
• Watch: Break above $4,500 for renewed upside; below trend support could open deeper pullback.
3) Market catalyst:
• U.S. NFP jobs data is the main event today — expected ~60K new jobs with slight drop in unemployment.
• Jobs outperformance could reinvigorate the USD and weigh on gold; weak data may boost gold on rate-cut expectations.
4) Expert view:
Gold’s range-bound action reflects “wait-and-see” positioning into NFP — volatility nearly guaranteed at release. Technical bias remains neutral to mildly bullish unless clear breakouts occur.
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