Today, the US and the Canadian data should bring life to XAU/USD. The US Non-Farm Payrolls are expected to be 178K in October versus 336K in September. Average Hourly Earnings may report a 0.3% growth, the Unemployment Rate could remain at 3.8%, while ISM Services PMI is expected to drop from 53.6 points to 53.0 points.
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DXY’s deeper drop helps the XAU/USD buyers to drag it towards new highs. The Greenback remains sluggish after the FOMC. Yesterday, the BOE left its monetary policy unchanged. The USD took a hit from the Unemployment Claims indicator, which came in at 217K the previous week versus the 210K estimated and above 212K in the last week.
The gold price is trading in the green at $1,989 at the time of writing. The Greenback’s depreciation versus the other major currencies gave a helping hand to the yellow metal.
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Furthermore, the Canadian Unemployment Rate could jump from 5.5% to 5.6%, while Employment Change is expected at 25.7K, far below 63.8K in September. Better-than-expected data could force the yellow metal to turn to the downside again.
