Gold Price Forecast: XAU/USD recovery, likely to be challenged around $4,470
Gold (XAU/USD) is trading higher on Thursday, returning to levels above $4.400 after bouncing from three-week lows near $4,280 on Wednesday.
Gold (XAU/USD) prices are on the rise, trading above $4.400 on Thursday after bouncing from a three-week low near $4,280 on Wednesday. The precious metal is supported by a weaker USD, as ADP employment data fell short of expectations and New York Federal Reserve (Fed) President John Williams downplayed rate hike concerns. However, bulls face significant resistance at $4,470.
ADP data revealed a private employment rise of 38K in August, far below the anticipated 47K increase. Fed President Williams suggested waiting for further data before making interest rate decisions, cooling hopes for an immediate hike. The path to last week's high of $4,690 remains blocked by the August 31 high near $4,470 and the August 6 low of $4,220.
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