Gold price is trading in the green for the first time in nine trading days early Thursday, as sellers take a breather after finding a floor near $1,81
Gold price rebounds toward $1,830, snapping an eight-day downtrend. Oil price sell-off, bond market recovery and weak US data comfort markets, Gold price. Gold price awaits Friday’s US Nonfarm Payrolls to confirm a likely dead cat bounce. 5. A positive shift in risk sentiment on the back of multiple fundamental catalysts is saving the day for Gold price but the further recovery remains elusive heading toward Friday’s all-important Nonfarm Payrolls data from the United States.
Against this backdrop, the US Dollar is extending the three-day pullback across its major currencies, currently trading near 106.50 while the benchmark 10-year US Treasury bond yields challenge the 4.70% level. However, it remains to be seen if Gold price will extend the recovery momentum, as traders look to the mid-tier US weekly Jobless Claims data for a fresh impetus. Friday’s US NFP report will hold the key to determining whether it’s a dead cat bounce or a bullish reversal for Gold price.
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