Gold (XAU/USD) continues to experience selling pressure for the second consecutive day, retreating closer to its overnight swing low during Thursday's Asian session. Traders appear to be locking in profits ahead of the highly anticipated US Non-Farm Payroll (NFP) report, which is likely influencing market sentiment. Currently, gold is trading around the $1,920 level, reflecting a cautious outlook as investors await further economic indicators.
The recent decline in gold prices lacks a significant fundamental catalyst, suggesting that the downward move may be limited. Despite the selling pressure, the supportive macroeconomic backdrop keeps traders on edge. The exchange rate dynamics between gold and the USD are pivotal, especially with the upcoming NFP report expected to impact market volatility. The outcome may lead to shifts in trading strategies, as market participants assess the implications for monetary policy and the overall health of the US economy.
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Data Source: FX Killer Analysis Team Updated: 2026-01-08 05:29
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.