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Will NFP Drive Fresh Gold Breakout?
Gold prices are trading just below record highs today as traders await the latest NFP data. Across the week, softer-than-forecast JOLTS job openings and ADP labour market data have kept the US Dollar pressured lower, keeping gold supported. If today’s NDP data comes in below forecasts too, this should amplify the current dynamic, creating deeper pressure on USD and allowing gold room to breakout. A heavy downside surprise at the start of August was responsible for the widespread volatility we saw across markets as US recessionary fears took centre stage. Looking ahead today, traders are braced for fresh volatility ... (full story)
