XAU/USD: Gold Prices Top Short-Term Moving Average. Are Bulls Taking Control?

All three major moving averages are now in the rearview for bullion as gold bugs ramp up hopes of fresh gains ahead.

• Gold prices XAUUSD were trading above all three widely used major averages on Thursday as market participants were feeling optimistic to bet on bullion. The precious metal rose to levels above $2,775 per ounce but then gave back some of the session gains and slipped below $2,665. Along the way, it took out the 50-day moving average — an indicator that signals the price’s direction in the short term.
• With that upside swing, gold has vaulted past the 50-day, the 100-day and the 200-day moving averages, giving strong bullish vibes as it strives to reclaim its all-time high. On October 30, the yellow commodity peaked at a record of $2,790, driven by lots of things, including shifting interest rate expectations, war jitters and overall uncertainty for the global economy.
• Now prices are about to get jolted by Friday’s jobs report, slated for early morning US time. Traders anticipate December’s nonfarm payrolls to show growth of 164,000, a substantial drop from November’s 227,000. But given that it was the Holiday season, some analysts expect employers to have pulled in some extra muscle to help with work like deliveries, orders and customer support.