Gold prices attract some buyers ahead of US NFP data
Gold prices (XAU/USD) recovered from Friday’s losses. Uncertainties surrounding the US presidential election and ongoing geopolitical tensions in the Middle East provided some support to the precious metal, a traditional safe-haven asset.
However, rising US Treasury yields and a stronger US Dollar (USD) may weigh on the yellow metal. Traders will be eyeing the US October jobs report on Friday for fresh impetus, including Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings. A stronger reading could boost bets for less aggressive policy easing by the Federal Reserve (Fed), exerting some selling pressure on the non-yielding yellow metal.
Gold prices gained momentum on the day. The precious metal maintained its strong bullish trend on the daily time frame as the price was well supported above the key 100-day Exponential Moving Average (EMA). Additionally, the 14-day Relative Strength Index (RSI) is above the 50-center line near 62.30, which suggests further upside looks favorable in the near term.
Source: FXStreetGold prices (XAU/USD) recovered from Friday’s losses. Uncertainties surrounding the US presidential election and ongoing geopolitical tensions in the Middle East provided some support to the precious metal, a traditional safe-haven asset.
However, rising US Treasury yields and a stronger US Dollar (USD) may weigh on the yellow metal. Traders will be eyeing the US October jobs report on Friday for fresh impetus, including Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings. A stronger reading could boost bets for less aggressive policy easing by the Federal Reserve (Fed), exerting some selling pressure on the non-yielding yellow metal.
Gold prices gained momentum on the day. The precious metal maintained its strong bullish trend on the daily time frame as the price was well supported above the key 100-day Exponential Moving Average (EMA). Additionally, the 14-day Relative Strength Index (RSI) is above the 50-center line near 62.30, which suggests further upside looks favorable in the near term.
Source: FXStreet
