Gold Price Forecast: XAU/USD could recover even on a slightly disappointing NFP report – Commerzbank

Gold endures the longest losing streak in seven years. Economists at Commerzbank analyze the yellow metal’s outlook ahead of the US Nonfarm Payrolls report.

NFP needs to considerably exceed expectations to justify any further marked slide

The outlook for the US economy, and thus for US bond yields, remains the key price determinant. That said, today’s US labour market data would probably need to considerably exceed expectations to justify any further marked price slide. 

After all, the precious metal has already shed more than $100 in the space of just two weeks. Even a slightly disappointing labour market report could therefore rather help Gold recover.

See – NFP Preview: Forecasts from seven major banks, losing momentum