Gold (XAU) Price Forecast: Bullish traders eye breakout of $2693 ahead of NFP payroll report
Gold traders are keeping an eye on the US Non-Farm Payrolls (NFP) report, which could play an important role in deciding the direction of gold prices. Recently, gold has been trading near the important resistance at $2693, and a decisive breakout above this level could lead to further upside.
Gold has been trading in a narrow range for the past few weeks, with the $2693 level acting as a strong resistance. However, traders believe that the upcoming NFP report may break this range and give a new direction to gold prices.
The US NFP report is an important indicator of the health of the US economy. This report provides information about the state of the labor market, job creation and unemployment rates. Strong NFP data typically strengthens the US dollar, which could push gold prices lower. Conversely, weak NFP data could weaken the dollar and boost gold prices.
The $2693 level is an important technical level for gold. If gold breaks decisively above this level, it would be a bullish signal and could push prices further higher. Analysts believe that in this situation gold can reach the level of $2750 and then even $2800.
Currently, gold traders are adopting a cautious stance and waiting for the NFP report. Some traders are buying in anticipation of a breakout above the $2693 level, while others are planning to buy in the event of a dip in prices following the report.