Gold Price Forecast: XAU/USD Awaiting US NFP

<p>&nbsp;Gold was traded cautiously by investors ahead of the release of key data, the US jobs data tonight.</p><p><br /></p><p>Employment data "NFP, Unemployment Rate and Average Hour Earnings" will be the main indicator of the Fed's direction at the December FOMC meeting.</p><p><br /></p><p>The latest US ADP and JOLTS data readings have given a clear indication where the current situation of the labor market in the country has returned to balance.</p><p><br /></p><p>If tonight's NFP data release shows a weak reading, the market will interpret that interest rate cuts next year are certain, and will sink the dollar index and treasury yields.</p><p><br /></p><p>This situation is able to support gold to take its place again at the price level of $2,050. But if tonight's NFP shows otherwise, prices are expected to continue falling at least to the $2,000 price level.</p><p><br /></p><p>Technical Analysis</p><p>Based on the daily chart, if the price level of $2,050 can be broken, the next obstacle will be concentrated at the price level of $2,100.</p><p><br /></p><p>And if tonight's NFP is able to stimulate gold investors, $2,144 will be tested. On the other hand, if NFP strengthens the US dollar, $2,009 will be the barrier price before gold tests gold buyers at the $2,000 price level.</p>