XAU/USD Forecast

 | Feb 01, 2013 07:12AM ET

Thursday's market gave mixed sentiments toward our forecasts and some pairs picked up quite well such as GBP/USD. Today, we've upgraded our forecasts and the ranges are now even tighter. I'm expecting some swings today as there is NFP news release later on in the day. All in all, I see the US Dollar gaining strength before weakening. We have now also added the precious metal Gold.

Currency Outlook

  • US Dollar : Swing (Strong then Weak)
  • Gold : Strong
  • Long : XAUUSD

Today we're expecting the XAU/USD to proceed Long above the barrier levels of 1661.81 and 1657.99.

Fundamental Watch

  • Manufacturing PMI
  • Nonfarm Employment Change
  • Unemployment Rate
  • ISM Manufacturing PMI