Gold (XAUUSD) reversed upwards ahead of Nonfarm Payrolls
The XAUUSD price reversed upwards, forming a Triangle pattern. Today, the key focus for market participants is the US employment data – read our XAUUSD analysis for today, 4 October 2024, for more detailed insights.
XAUUSD forecast: key trading points
- Market focus: market participants are anticipating today’s US labour market data release, which could heavily influence the XAUUSD pair’s movement
- Current trend: a strong uptrend is underway, supported by fundamental factors
- XAUUSD forecast for 4 October 2024: 2,685 and 2,630
Fundamental analysis
XAUUSD quotes halted their decline within a descending correction and have now reversed upwards. Gold remains in a strong uptrend, further bolstered by the beginning of the Fed’s rate-cut cycle. Today’s release of US labour market statistics may affect the precious metal’s future outlook.
With the release of Nonfarm Payrolls and the Unemployment Rate today, any decline in employment figures will likely pressure the US dollar and support a bullish outlook for XAUUSD, potentially pushing prices towards 2,685 USD and beyond. However, if job growth exceeds expectations, the US dollar could strengthen, leading to a potential downward correction in XAUUSD.
XAUUSD technical analysis
The price of XAUUSD broke out of its downward correction and reversed upwards from the support area of 2,630-2,640 USD. A Triangle pattern has formed on the H4 chart, with quotes currently trading near its upper boundary. At this point, continued growth appears most likely, with the pattern’s target area at around 2,720 USD.
In the short-term XAUUSD forecast, if the Nonfarm Payrolls data falls short of forecasts, XAUUSD may rise towards the 2,685 USD level and potentially even higher. Conversely, stronger-than-expected employment figures would bolster the USD, potentially pulling gold prices back toward 2,600 USD.
Summary
The gold price has interrupted its downward correction and reversed upwards, with current prices hovering near 2,670 USD. The key driver for the next XAUUSD signal will be today’s US labour market statistics release. Be sure to follow the latest XAUUSD news for further developments.