Gold (XAUUSD) remained within a range after the nonfarm payrolls release

XAUUSD prices continue to consolidate within a limited range near the 2,650 USD level following Friday’s release of robust US employment statistics. Discover more in our XAUUSD analysis for today, 9 December 2024.

XAUUSD forecast: key trading points

• Market focus: nonfarm payrolls data exceeded forecasts, showing an increase of 227 thousand jobs
• Current trend: consolidating within the range
• XAUUSD forecast for 9 December 2024: 2,700 and 2,600

Fundamental analysis

November’s US labour market statistics released on Friday showed that nonfarm payrolls increased by 227 thousand jobs, above the projected growth of 200 thousand. The unemployment rate aligned with expectations, coming in at 4.2%. Gold reacted to the data release with a short-term decline below 2,630 USD, but returned to the area above this level by the end of the day.

This week, market participants will focus on US inflation data for November, with the Consumer Price Index (CPI) and Producer Price Index (PPI) scheduled for release. Weaker-than-forecasted readings will exert pressure on the USD and help strengthen Gold, while stronger figures could push the XAUUSD pair down.

XAUUSD technical analysis

A triangle technical pattern formed on the XAUUSD H4 chart, with the quotes currently hovering around its upper boundary, which coincides with the 2,650 USD resistance level. An upward breakout will open the potential for growth to an all-time high of 2,790 USD within the long-term uptrend.

The short-term XAUUSD price forecast suggests that, after consolidating above 2,650 USD, the pair could continue its upward trajectory, with the nearest target being the 2,700-2,720 USD resistance area. However, a downward correction may resume if bears seize the initiative and establish themselves below 2,600 USD.

Summary

Gold (XAUUSD) is consolidating around 2,650 USD. This week, the market will focus on US inflation data (CPI and PPI indices), which could drive further Gold price movements.