Gold Price Breakout Eyes Critical Trendline Resistance Ahead of NFP

From dailyfx.com

Amid the backdrop of raised expectations that the Federal Reserve will provide “insurance” rate cuts to insulate the US economy from adverse external events, gold prices have soared through $1300 to move within touching distance of the 2019 peak. Last week we highlighted that risks were tilted to gold upside on fueling rate cut bets (full story) after Fed Vice Chair Clarida’s statement in which he had seemingly opened the door to a rate cut. Since then, a raft of Fed rate setters had signaled their openness to a easing with Chairman Powell noting that policy could be adjusted in order to sustain the expansion, ... (full story)