Gold Price Forecast: XAU/USD consolidates weekly gains ahead of US NFP

XAU/USD Current price: $2,357.74 A holiday in the US keeps major pairs within familiar levels ahead of Thursday’s close. The United States will release the June Nonfarm Payrolls report on Friday. XAU/USD consolidates weekly gains and has room to extend its advance. A holiday in the United States exacerbated the quietness in the second half of the day, leaving the bright metal consolidating weekly gains.

The Unemployment Rate is expected to remain steady at 4%, while Average Hourly Earnings are foreseen to be up 3.9% YoY, easing from the previous 4.1%. The figures, if confirmed, may fuel speculation of a September rate cut and push the US Dollar further south across the FX board. XAU/USD short-term technical outlook Technically, the daily chart shows XAU/USD has remained confined to a tight range near its weekly high of $2,364.83, losing momentum but with the risk still skewed to the upside.

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