Gold price forecast: XAUUSD plunges below 1700$ after upbeat US NFP, Next CPI.
· The gold price tumbled below 1700$ figure, in the aftermath of the US jobs report
· US Nonfarm payrolls exceeded estimates at 263k, further Fed hikes coming
· US treasury yields pushed to the upside, staying above 3.8%
In the meantime, money markets futures have priced a 92% chance of a Fed 75 bps rate hike, up from 85.5%, before the US Nonfarm payrolls report.
What to look for?
Now that the US Nonfarm payrolls is on the rearview mirror, the next important events in the US calendar would be September CPI figures and the University of Michigan Consumer sentiment in the next week.
Technical analysis on the 4HR time frame:
As long as the prices below 1731 look for short positions targeting 1660$, 1615.5$, 1554$.
· The gold price tumbled below 1700$ figure, in the aftermath of the US jobs report
· US Nonfarm payrolls exceeded estimates at 263k, further Fed hikes coming
· US treasury yields pushed to the upside, staying above 3.8%
In the meantime, money markets futures have priced a 92% chance of a Fed 75 bps rate hike, up from 85.5%, before the US Nonfarm payrolls report.
What to look for?
Now that the US Nonfarm payrolls is on the rearview mirror, the next important events in the US calendar would be September CPI figures and the University of Michigan Consumer sentiment in the next week.
Technical analysis on the 4HR time frame:
As long as the prices below 1731 look for short positions targeting 1660$, 1615.5$, 1554$.