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Gold Uptrend Remains, Correction Risks, And NFP Ahead

Today market analysis on behalf of Amra Osman, Sales Director at XTB MENA


March 8, 2024 ( Newswire) Gold prices continued to climb, extending multi-day gains as traders saw some weakness in the dollar and as treasury yields continued to slide. Jerome Powell's comments have also supported expectations of interest rate cuts later this year. The latter could support the uptrend in gold prices as investors concerned about inflation could continue to flock to the asset.

Today's release of the Non-Farm Payrolls report could carry some weight as stronger-than-expected data could pressure gold prices downward. Conversely, if job growth disappoints, it could reinforce expectations of rate cuts, potentially driving up prices of precious metals further. Gold prices could also remain exposed to price corrections after their rapid rise over the last few days if traders move to secure their gains.

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