Gold bulls have the upper hand near one-month top, US NFP report awaited
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Gold price (XAU/USD) is consolidating near a one-month top as traders await the release of the US monthly employment details. The release of the US nonfarm payrolls (NFP) report is expected to provide cues on the Federal Reserve's policy path and impact the price of gold. Factors supporting the gold price include reports of an Israel-Hamas ceasefire, bullish sentiment in global equity markets, bets on future interest rate cuts by the Federal Reserve, concerns about regional banks in the US, and worries about slowing growth in China. Technical analysis suggests that if gold breaks above the $2,065 area, it could accelerate momentum towards the $2,078-2,079 region. On the downside, strong resistance is seen at the $2,042-2,040 level. The US NFP report is expected to show that the US economy added 180K jobs in January, with the jobless rate edging higher to 3.8%.
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