The precious metal is rising for the second consecutive day. The gains come amid a rise in risk appetite. The gains are more likely as a result of short covering.
Gold prices fell sharply in the earlier part of the week. Investors will be looking at today’s jobs report following a strong increase in the manufacturing sector and a strong performance in ADP private payrolls.
XAU/USD Pares Losses but Upside Limited
The precious metal posted a healthy recovery during the intraday session. However, price action remains a bit stale at the current highs near 1563.
There is scope for price to slip further back to the lower target of 1534. To the upside, the gains remain caught near the 1572 – 1569 region.
