Weekly Gold Price Forecast: NFP and Economic Data to Drive Market
The coming week holds several pivotal events that could impact the trajectory of gold prices. As we look ahead, a roster of economic data
Arslan Butt•Saturday, March 30, 2024•2 min read
The coming week holds several pivotal events that could impact the trajectory of gold prices. As we look ahead, a roster of economic data releases and central bank speakers will likely stir volatility in the markets.
- ISM Manufacturing PMI: Expected at 48.5 on Monday, any deviation could sway investor confidence and influence gold’s safe-haven appeal.
- JOLTS Job Openings: Slated for Tuesday, with a previous figure of 8.79M. A significant increase or decrease could impact the USD, inversely affecting gold.
- OPEC-JMMC Meetings: Wednesday’s meetings may indirectly impact gold as they affect overall commodity market sentiments and risk appetite.
- ADP Non-Farm Employment Change: Projected at 149K for Wednesday, can cause fluctuations in gold prices as labor market health affects economic projections.
- Fed Chair Powell Speaks: His speech on Wednesday might provide clues on monetary policy, potentially altering the course for gold.
- Unemployment Claims: Thursday’s data is anticipated at 214K; lower numbers may bolster the USD, pressuring gold, whereas higher figures could boost it.
- Non-Farm Employment Change and Unemployment Rate: Friday’s reports, with a previous job change of 205K and a steady unemployment rate at 3.9%, will be scrutinized for economic health indicators, pivotal for gold’s valuation.
Gold Price Forecast: Weekly Outlook
Gold (XAU/USD) concluded the week on a high note, closing at $2233.120 with a 3.13% rise. The 4-hour chart indicates a solid pivot point at $2222.877.
Looking upwards, resistance levels are pinpointed at $2253.070, $2280.708, and $2306.411. These thresholds may test the metal’s upward trajectory.
Conversely, support levels are firmed at $2194.169, with deeper cushions at $2149.158 and $2115.782, potentially halting declines.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.
His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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