- Citi anticipates the upcoming Non-Farm Payroll (NFP) report will show 125,000 new jobs, likely prompting a 50-basis point rate cut by the Federal Reserve.
- If Gold continues to weaken, it is likely to find support around the $2,470-$2,460 level, and a decisive break below this support could signal the start of a more pronounced downtrend.
Citi anticipates the upcoming Non-Farm Payroll (NFP) report will show 125,000 new jobs, leading to a 50-basis point rate cut by the Federal Reserve.
Citi suggested in a note to Clients on Tuesday that if payrolls come in between 125,000 – 175,000, a 50-basis point rate cut is likely from the Fed.
The 4H chart for XAU/USD indicates that buyers may be stepping in on dips following the release of US JOLTs Job Openings data, which revealed fewer openings than expected in July. However, if Gold continues to weaken, the next likely support level is around $2,470-$2,460. A decisive break below this support level could alter the outlook for Gold, indicating that the commodity could be entering a more pronounced downtrend.
