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Gold Price Forecast: XAU/USD could dip briefly below $1,900 on robust US labour market data – Commerzbank

Gold price dropped almost back to $1,900 on Thursday following the publication of a noticeably stronger-than-expected rise in private-sector employment in June in the US. Economists at Commerzbank analyze XAU/USD outlook.

Still robust US labour market could necessitate more pronounced rate hikes by the Fed

The still robust US labour market could necessitate more pronounced rate hikes by the US Federal Reserve. Yields on two-year US Treasuries reached 5.11% on Thursday, their highest level since June 2007, making Gold less attractive as a non-interest-bearing investment.

There is a risk that the Gold price will dip briefly below the $1,900 mark if US labour market data prove robust once again when published at 12:30 GMT.

See – Nonfarm Payrolls Preview: Banks see labour market still quite strong

EUR/USD: Potential topping process on a break below 1.0797 for a move back to 1.0634/15 – Credit Suisse

EUR/USD remains capped at the 78.6% retracement of the April/May fall at 1.0998 as looked for, but with key support from the uptrend from last Septemb
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US Dollar traders turn cautious ahead of US job report

The US Dollar (USD) is unable to bank on the additional rate increase that markets are starting to get priced in for the US, with US Fed Futures showi
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