XAU/USD Pivot Points; 06 February 2023
XAU/USD Pivot Points; 06 February 2023 R3 1959.06 R2 1938.85 R1 1901.86 PP 1881.65 S1 1844.66 S2 1824.45 S3 1787.46 Gold Price Weekly Forecast: Can XAU/USD Reclaim $1,900 Following NFP-Inspired Drop? Latest Gold Market Developments The NFP report released on February 3rd showed a gain of 49,000 jobs, exceeding expectations and boosting the US dollar. This caused gold prices to drop, with XAU/USD falling from $1,906 to $1,873. Despite this drop, gold remains one of the best-performing assets of the year, with prices up by nearly 5% since the start of the year. The US dollar remains a key driver of gold prices, with a stronger dollar putting downward pressure on gold. However, with interest rates expected to remain low for the foreseeable future, the dollar may not remain strong for long. This could present a buying opportunity for gold, as a weaker dollar is likely to lead to higher gold prices. Gold Price Weekly Forecast Base...