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Gold Price Forecast: XAU/USD to maintain bullish momentum after weak NFP report

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The gold price closed the eventful week virtually unchanged. Focus is on long-awaited November jobs report in the US and coronavirus headlines in China, reports FXStreet’s Eren Sengezer.

COVID tensions in China and US NFP figures will boost XAU/USD action

“There won’t be any high-impact data releases on Monday and investors should stay focused on the coronavirus headlines from China.”

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“On Thursday, the ISM will release November manufacturing PMI data. Market reaction to S&P Global PMI surveys suggests that the US dollar could be under selling pressure if the ISM PMI report shows that pressures “Prices continued to decline in November as activity contracted. In that scenario, gold could rally on the initial reaction.”

“The US Bureau of Labor Statistics will release labor market data for November on Friday. Nonfarm Payrolls (NFPs) are forecast to decline by 30,000 after growing to 261,000 in October. A negative print will likely weigh on the US dollar and will open the door for bullish XAU/USD action before the weekend. On the other hand, a positive N FP surprise should have the opposite effect on financial markets and force the price of gold down.”

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Source: Fx Street

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