Gold price consolidates amid choppy trading ahead US NFP

Gold prices edge up 0.15% amid thin trading on US Independence Day. XAU/USD reached a two-week high of $2,365 Wednesday, driven by weak US jobs data and heightened Fed rate cut expectations. Traders shift focus to Friday's Nonfarm Payrolls report, following the US holiday closure. Recent economic data from the US augmented expectations that the Fed might begin to ease policy sooner than expected, yet policymakers remain vigilant and would like to see the disinflation process evolve further.

From a price action perspective, XAU/USD shows a near-term downward bias, but the overall bullish trend remains intact, supported by a bullish Relative Strength Index . If the gold price breaks above the pattern's neckline, it could rise to $2,400, invalidating the Head-and-Shoulders chart formation and potentially leading to further gains toward the year-to-date high of $2,450. On the other hand, if sellers drive the spot price below $2,350, further declines could target the $2,300 level.

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