Gold Price Forecast: Weak US NFP to power XAU/USD bulls

Gold price is holding steady above the $1,900 mark. All eyes now turn toward the United States Nonfarm Payrolls (NFP) data release for fresh trading impetus in XAU/USD, FXStreet’s Dhwani Mehta reports.

United States Nonfarm Payrolls data in focus

“A weaker-than-expected US NFP print is likely to bolster the dovish ‘Fed pivot’ expectations, triggering a risk rally at the expense of the US Dollar. In such a scenario, Gold price could receive the much-needed boost to resume its northward trajectory.”

“The US Treasury bond yields face a double whammy, as risk-off flows dominate while traders weigh the dovish Federal Reserve policy outlook. Gold price, therefore, could find some support if the Treasury bond yields sell-off extends.”

See – US NFP Preview: Forecasts from eight major banks, another healthy gain