XAUUSD: Next developments after Nonfarm
The price of gold (XAU/USD) is currently showing a lackluster performance after a sudden spike triggered by the release of the United States Automatic Data Processing (ADP) Employment report. The price has quickly risen to around $1,915.00 and is expected to remain steady before the release of the US Nonfarm Payrolls (NFP) data.
Investors are feeling uneasy about the upcoming labor market data and the upcoming corporate earnings season, leading to consistent losses in the S&P500 futures. The US Dollar Index (DXY) is also not showing much movement. Although the USD index is currently capped at 103.20, if the NFP data proves to be strong, the bulls may make a comeback.
In line with the performance of the USD Index, US Treasury yields are also stagnant. The yields for 10-year US Treasury bonds are hovering around 4.04%.
Investors are feeling uneasy about the upcoming labor market data and the upcoming corporate earnings season, leading to consistent losses in the S&P500 futures. The US Dollar Index (DXY) is also not showing much movement. Although the USD index is currently capped at 103.20, if the NFP data proves to be strong, the bulls may make a comeback.
In line with the performance of the USD Index, US Treasury yields are also stagnant. The yields for 10-year US Treasury bonds are hovering around 4.04%.
