- Gold Price remains around weekly top, grinds higher past key support confluence.
- Cautious optimism ahead of the US NFP, absence of major data/events prod XAU/USD bulls of late.
- Reconfiguration of Fed bets, optimism about US debt-ceiling deal keeps Gold buyers hopeful.
- Downbeat US employment figures, no US default can keep XAU/USD bulls in the driver’s seat.
Gold Price (XAU/USD) remains on the bull’s radar as it prints the first weekly gain in four heading into the key US employment report for May amid cautious optimism in the market. That said, the bullion’s latest run-up could be linked to the broad reduction in the market’s hawkish expectations from the Federal Reserve (Fed), as well as hopes of avoiding the ‘catastrophic’ US default. Adding strength to the Gold Price upside could be the latest run-up in the equities, backed by the technology shares and downbeat yields. It’s worth noting that the fresh optimism about China’s economic recovery adds strength to the XAU/USD upside as Beijing is one of the world’s biggest Gold consumers.
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