XAU/USD climbs nearly 7% this week, its best performance since January, as traders await July Nonfarm Payrolls data.
Gold (XAU/USD) extended its rally to $4,315.19, marking a three-week high and a near 7% weekly gain, the strongest since January. The advance follows a break above a key downward trendline from April, signaling a potential trend shift.
Analysts expect July Nonfarm Payrolls to rise to 80K from June’s 57K, though some banks forecast a more modest 65K gain. A weaker-than-expected report could reinforce expectations of cooling labor market conditions, supporting gold’s upward momentum.
Technical indicators remain bullish, with the daily MACD trending higher and RSI at 67, suggesting room for further gains. Resistance is eyed at $4,380, the mid-June peak.