Gold Price Forecast: XAU/USD could witness a profit-taking decline amid repositioning ahead of key US NFP
|Gold price is correcting from the highest level since March 2022 reached at $2,032 on Wednesday. XAU/USD could see dip-buying following a pennant breakout on the 1D chart, FXStreet’s Dhwani Mehta reports.
Pre-US NFP repositioning could sideline XAU/USD buyers
“Gold price is retreating toward the $2,000 mark, below which the pennant resistance-turned-support at $1,988 will be challenged. The next critical line of defense for Gold buyers is seen at the confluence of Tuesday’s low and the pennant support near $1,975.”
“Should Gold bulls jump back into the game, the upside would resume toward the $2,020 figure. Bulls will then reattempt the yearly top at $2,032. Acceptance above the latter is needed to make fresh headways toward the pennant target measured at $2,043. However, the Gold price action is likely to remain choppy ahead of Friday’s US Nonfarm Payrolls data.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.