Gold Price Forecast: Next target on the upside is located at $1,830

Last week, gold surged to its highest level since early August near $1,820 and rose more than 2% on a weekly basis. According to FXStreet’s Eren Sengezer, XAU/USD could target $1,830 next ahead of Friday's Nonfarm Payrolls data.

See – Gold Price Forecast: XAU/USD to hit $1900 as Powell is all-in on transitory inflation – TDS

NFP report could alter Fed's taper outlook

“On Wednesday, the Automatic Data Processing (ADP) Research Institute will publish the private sector employment data for August. Additionally, the ISM Manufacturing PMI will be looked upon for fresh impetus. Investors are likely to pay close attention to the Prices Paid component to see if input price pressures remain high in the manufacturing sector.”

“The market consensus points to an increase of 763,000 in NFP following July’s impressive print of 943,000. A disappointing NFP print could confirm a delay in asset tapering and allow XAU/USD to push higher. On the other hand, a positive surprise could help the USD regain its strength and drag gold lower.”

“The initial hurdle is located at $1,830 (static level) ahead of $1,845 (static level).”

“On the downside, $1,810 (100-day SMA, 200-day SMA) aligns as key support. As long as this level holds, buyers are likely to remain in control of gold's action.”

“A daily close below $1,810 could open the door for additional losses toward $1,800 (psychological level and $1,780 (static level).”