Gold Price Forecast: XAUUSD sits near multi-week high, around $1.680 amid weaker USD – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
he XAUUSD is currently placed around the $1,678-$1,680 region, just below a multi-week high touched in reaction to the mixed US monthly employment details on Friday.report showed that the economy added 261K new jobs in October against the 200K anticipated. This, however, was well below the previous month's upwardly revised reading of 315K. Moreover, the unemployment rate rose to 3.7% from 3.5% in September and Average Hourly Earnings slowed to 4.7% YoY in October from 5% previous.
Hence, it will be prudent to wait for a sustained breakout through the aforementioned trend-line hurdle before positioning for any further appreciating move for gold. Traders also seem reluctant and might prefer to move to the sidelines ahead of the release of the latest US consumer inflation figures on Thursday.
. Apart from this, traders will take cues from the broader risk sentiment to grab short-term opportunities around gold.
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