Gold (XAUUSD) is strengthening ahead of the nonfarm payrolls release

Gold price is steadily rising, with market participants focusing on today's US employment market data – nonfarm payrolls and the unemployment rate.

XAUUSD trading key points

• Current trend: gold is steadily rising after reaching a daily resistance level at 2,368 USD
• Market focus: today, market participants focus on US employment market data – nonfarm payrolls and the unemployment rate
• Price dynamics: XAUUSD quotes are consolidating slightly below the 2,368 USD level during the European trading session
• XAUUSD price targets: 2,388, 2,350

Fundamental analysis

Nonfarm payrolls are expected to increase by 190,000, while the unemployment rate is projected to remain unchanged at 4%.

Following the release of US employment market statistics, volatility in XAUUSD quotes may surge. Depending on the upcoming data, they might continue their growth to new local highs or correct downwards following their previous rise.

XAUUSD technical analysis

On the H4 chart, after rising from the 2,300 support level, gold quotes have reached the daily support level at 2,368 USD per troy ounce. The gold price is currently consolidating slightly below this level, at 2,365, while market participants are awaiting US employment market statistics.

If US employment market data falls short of the forecast and bulls gain a foothold above the 2,368 resistance level, this will open the potential for growth to a daily high of 2,388. XAUUSD quotes may decline to the 2,350 support level or lower if the statistics exceed expectations.

Summary

The price of gold has steadily risen since last week, reaching the daily resistance level at 2,368 USD. Today's release of the US employment market data may be crucial in determining the future trend in XAUUSD movements.