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GOLD: FUNDAMENTAL ANALYSIS + PRICE ACTION + NEXT TARGET|SHORT 🔔

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Australian and New Zealand trade data came in better than expected, but inflation was hotter than forecast in South Korea. Traders will get more inflation data out of Switzerland and the Eurozone this morning. Other reports that may influence the gold price are trade data out of India and industrial production figures from Brazil. Following yesterday’s disappointing ADP employment data out of the US, which saw a downward revision to the previous month, the focus will shift to US initial jobless claims later in the session.

Tomorrow’s NFP report out of the US will provide another catalyst, and any disappointment can rally gold and other safe-haven assets. US Dollar weakness will boost prices as well, as gold remains priced in the greenback, and both assets enjoy an inverse relationship. Volatility is likely to remain elevated as bulls and bears battle around the psychological 1,800 level.

The forecast for gold remains bearish after the last sessions.
Global economic data has clocked in below expectations for several weeks, and inflationary pressures remain elevated.

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