Spot Gold is on the run after recovering the $2,400 mark, peaking at $2,424.01 in the American trading session.
XAU/USD Current price: $2,418.90 The mood improved after the United States published encouraging employment figures. Concerns about Fed eral Reserve’s interest rate cuts remain in the background. XAU/USD trades with a firmer tone and may extend its advance once beyond $2,424. The bright metal surged as encouraging United States data brought some relief to financial markets, weighing on US Dollar demand.
Today’s employment-related data spurred some optimism, but it seems pretty irrelevant when compared to the tepid Nonfarm Payrolls report released last Friday, partially responsible for the latest panic trading. Overall, it seems that speculative interest has finally priced in more aggressive rate cuts and is now waiting for the next catalyst. XAU/USD short-term technical outlook XAU/USD is firmly up after closing in the red for five consecutive days but is still confined within Fibonacci levels.
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