Gold Price Forecast: Can XAU Hit $2,957 as Markets Await US NFP Data?
Gold (XAU/USD) is maintaining stability, currently trading at $2,908, reflecting a modest 0.07% increase.
Despite minor profit-taking, the metal remains on track for a weekly gain, supported by concerns over trade policies, inflation risks, and Federal Reserve rate expectations.
The U.S. non-farm payrolls (NFP) report, due later today, is the market’s focal point. Analysts expect a gain of 160,000 jobs for February, which will provide insight into the labor market’s strength and influence the Fed’s next move. The U.S. dollar index (DXY) is hovering near a four-month low, signaling weaker economic sentiment, which has historically supported gold prices.
Gold’s role as a safe-haven asset has been reinforced by ongoing trade uncertainties. President Donald Trump’s decision to suspend 25% tariffs on most goods from Canada and Mexico has caused market fluctuations, leaving investors cautious. Meanwhile, Federal Reserve Governor Christopher Waller’s hawkish stance against a near-term rate cut is adding another layer of complexity.
Gold’s Technical Outlook: Key Levels and Breakout Potential
Gold remains confined within a symmetrical triangle pattern, indicating potential for a breakout. The 50-day EMA at $2,904 is acting as dynamic support, while resistance near $2,930 is limiting further upside momentum.
Immediate Resistance: $2,930
Next Resistance: $2,957, $2,982
Immediate Support: $2,904
Next Support: $2,859, $2,832
A break above $2,930 could trigger an extended rally toward $2,957 and $2,982, reinforcing bullish momentum. Conversely, failure to hold $2,904 may lead to a retracement toward $2,859 and $2,832.
Will US NFP Data Influence Gold’s Next Move?
Markets are closely watching the U.S. NFP report at 13:30 GMT. If job growth significantly surpasses expectations, it could strengthen the U.S. dollar, putting downward pressure on gold. However, a weaker-than-expected report may fuel rate-cut speculation, providing further support for gold prices.
Traders should monitor gold’s reaction at $2,930—a confirmed breakout above this level could signal further upside, while a rejection may lead to consolidation or downside movement.
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