Gold Price Forecast – Bullish Bias Dominates Over $1,758, Ahead of Nonfarm Payroll
Good morning, traders, and welcome back to another exciting week. On Monday, the gold price forecast is slightly bullish as investors are do

Weakness in US dollar underpins gold
US Treasury Yield, on a 10-year note, falls
Outlook – Quick Economic Indicators
On the data front, at 17:30 GMT, the Core PCE Price Index for August came in, showing a surge to 0.3%, against the forecast of 0.2%. This supported the US dollar and further capped the gains in the yellow metal. Personal income remained flat at 0.2%. Personal spending increased to 0.8%, against the projected 0.7%, which also boosted the US dollar and limited the upward momentum in gold prices. At 18:45 GMT, the final Manufacturing PMI was released. It also remained flat, in line with the expected reading of 60.7. At 19:00 GMT, the ISM Manufacturing PMI figures came in, indicating an advance to 61.1, against the expected 59.6, also providing support for the US dollar, and capping the gains in gold.
The Revised UoM Consumer Sentiment rose to 72.8, against the predicted 71.0, bolstering the US dollar. Construction spending fell to 0.0%, compared to the expectations of 0.3%, which weighed on the US dollar and added to the gains in gold. The ISM Manufacturing prices increased to 81.2, against an estimated 78.1, providing support for the US dollar, which reduced the gains in gold. The Revised UoM Inflation Expectations for September dropped to 4.6%, from 4.7% in August.
Meanwhile, gold also gathered strength from the worries and uncertainty surrounding inflation, and a possible slowdown in growth. Furthermore, the soaring energy prices, due to a crunch in China and Europe, also played an important role in keeping gold higher on Friday.
Gold Price Forecast – XAU/USD Supported Over $1,758
On Monday, the precious metal, gold, is trading with a bullish bias at 1,762. It is gaining immediate support at the 1,758 level, extended by an intraday pivot point level. The closing of candles above this level supports a bullish trend in GOLD.
While a further upward trend would expose the metal to the next resistance level of 1,766, further to the upside, the next resistance for gold will prevail around levels of 1,772 and 1,781.

Daily Technical Levels
1,760.89 1,766.34
1,758.12 1,769.02
1,755.44 1,771.79
Pivot Point: 1,763.57
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