GOLD: Rising Higher?

XAUUSD Gold Traders
09-06

Hello everyone! Today i want to share some macro analysis with you!

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$Gold - main 2412(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ Friday 8:30 EST, will usher in the U.S. August non-farm payrolls report.

The survey showed that the U.S. quarterly non-farm payrolls are expected to increase by 160,000 in August, following an increase of 114,000 in July.

Investors are also concerned about the unemployment rate data. The survey showed that the U.S. unemployment rate in August is expected to slide from 4.3% to 4.2%.

‘If August's unemployment rate is unchanged from July's 4.3 per cent (the highest level since 2021), then gold prices will return to all-time highs as the market ramps up bets on a significant rate cut.’

‘Gold's near-term focus has shifted to the upside, however, we need to see the results of Friday's non-farm payrolls report for a clearer signal of direction. If the non-farm payrolls data disappoints, gold could test new all-time highs again.’

On 20 August, gold surged to $2,531.75 an ounce, a record high.

Should the non-farm payrolls data be weaker than expected, this could increase the likelihood of a 50 basis point rate cut by the Federal Reserve in September, which could push gold prices higher.

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https://x.com/TradersXauusd/status/1831951610186223661

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