Gold (XAUUSD) Price Forecast: Rally Gains Steam as Dollar Weakens, NFP Looms

Group 1 - The U.S. Dollar has weakened, falling approximately 0.84%, which is expected to increase foreign demand for dollar-denominated assets like gold [1] - Recent labor market reports indicate a weak jobs market, leading to expectations of a disappointing U.S. Non-Farm Payrolls (NFP) report [2] - A significant miss in the NFP could prompt investors to anticipate a rate cut by the Federal Reserve as early as March, negatively impacting the dollar but positively affecting gold prices [3] Group 2 - China's central bank has extended its gold-buying campaign for the 15th consecutive month, indicating ongoing dollar debasement trends [4] - Geopolitical concerns are providing a stable foundation for the gold market, alongside China's purchases, although short-term volatility and margin hikes are affecting buyer confidence [5] - The technical outlook suggests that the uptrend in the gold market remains intact, with a potential breakout on the horizon [6]