Gold Price Forecast: XAU/USD remains moderately bid with $5,100 holding bulls

NEW YORK (February 12) Gold (XAU/USD) is trading practically flat at the top of the weekly range on Thursday, with bulls capped right below February’s peak in the $5,100 area. Precious metals remain in a consolidating mood for the third consecutive day, as the strong US Nonfarm Payrolls report failed to provide a significant impulse to the USD.

Nonfarm payrolls data released on Wednesday showed 130K net jobs in January, almost twice the 70K market consensus, with the Unemployment Rate falling unexpectedly to 4.3% and wage inflation growing at a steady pace.

These figures have prompted investors to pare back bets of immediate rate cuts by the US Federal Reserve (Fed), although the impact on the US Dollar has been moderate. The strong concentration of January’s payrolls in the healthcare sector, and the sharp downward revision of last year’s employment growth has weighed on investors' optimism.

FXStreet