Gold: Volatility Expected Ahead of Nonfarm Payrolls on Friday

By BelleOFX (Shivanshu Shukla)CommoditiesMay 31, 2023 08:22AM ET

www.investing.com/analysis/gold-volatility-expected-ahead-of-nonfarm-payrolls-on-friday-200638587

Gold: Volatility Expected Ahead of Nonfarm Payrolls on Friday

By BelleOFX (Shivanshu Shukla) | May 31, 2023 08:22AM ET

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XAU/USD

-0.87%

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Gold

-0.75%

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The year 2022 was a bullish one for gold. The financial crisis across many developed markets had a splash effect. With inflation hitting high in the US and Europe, Ukraine's non-ending conflict with Russia and central banks having to intervene has paved the way for gold to resurface as a safe-haven asset against increasing inflation and market uncertainties.

Gold Chart

My technical view on gold is bullish as long as it stays above $1500 in the year 2023. XAU/USD has been trading above $1900 since mid of March, and we can expect to see a big movement on the upcoming Friday as we have US nonfarm payrolls to be released. We also expect to see gold trading within the range of $2000-$2200 in the near future unless the US Federal Reserve pauses the hiking cycle of interest rates in their next FOMC economic projection.

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Tej Singh Surana May 31, 2023 11:21AM ET

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Central Banks

Interest Rates

Next Meeting

FED

5.50%

Nov 01, 2023

ECB

4.50%

Oct 26, 2023

BOE

5.25%

Nov 02, 2023

SNB

1.75%

Dec 14, 2023

RBA

4.10%

Oct 03, 2023

BOC

5.00%

Oct 25, 2023

RBNZ

5.50%

Oct 04, 2023

BOJ

-0.10%

Oct 31, 2023

CBR

13.00%

Oct 27, 2023

RBI

6.50%

Oct 06, 2023

PBOC

3.45%

BCB

12.75%

Nov 01, 2023

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Gold: Volatility Expected Ahead of Nonfarm Payrolls on Friday

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