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Gold consolidates near key levels ahead of the key US data later today
Gold eventually erased all the gains from last week's short-squeeze and it's now trading near key levels ahead of the US September NFP and the US Jobless Claims data. Strong data should keep weighing on gold as it would keep the market speculating on rate cuts pause, while weak data is likely to support the precious metal as it would give the Fed more reasons to keep cutting rates. In the bigger picture, gold should remain in an uptrend as real yields will likely continue to fall amid the Fed’s dovish reaction function. But in the short term, a further hawkish repricing in interest rate expectations should keep ... (full story)
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