Gold Price Forecast: Strong Jobs Data Hides Weak Labour Trends as XAUUSD Tests $4,800
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Gold holds above $4,400 after rebounding from key support, but mixed labor data and strong payrolls keep pressure on the next move as price tests the critical $4,800 resistance.
Gold (XAU) price recovered from the 200-day SMA and then moved to the $4,800 level. I believe that this action is a consolidation step, which is driven by mixed macro indicators, with good payroll data in contrast to declining underlying labor trends. This article discusses the US labour market trend, technical structure and key levels that will either see gold break above $4,800 or remain in consolidation.