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GOLD
Gold Price Forecast: XAU/USD slumps to near $4,270, US NFP takes centre stage
Key Takeaways (30s Read)
Gold prices fall to near $4,270 as profit-taking occurs after recent highs.
Gold prices (XAU/USD) are trading 0.6% lower near $4,270 during the European session on Tuesday. This drop is attributed to profit-taking after revisiting the all-time high above $4,350. Selling pressure is increasing as many traders adopt a risk-averse stance. The market is anticipating the upcoming US NFP (Non-Farm Payrolls) report, which could sway gold prices further. If the data deviates from expectations, significant price volatility may be anticipated. Currently, the trend is dominated by profit-taking, and investors should closely monitor upcoming economic indicators to gauge potential rebounds or further declines.
AI Analyst
AI Opinion
"The gold market is experiencing profit-taking after hitting recent highs. The move above $4,350 prompted many traders to lock in profits, leading to the current decline. Particularly, the upcoming US NFP release is reflecting the market's sentiment towards economic indicators. Going forward, gold prices are likely to be heavily influenced by the outcomes of this report, and amid rising uncertainty, traders must monitor market movements carefully."
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