While the latest results from Australia and New Zealand appear to be bleak, China and the United Kingdom are offering declining COVID-19 numbers to keep purchasers hopeful. It's worth noting that Japan's political worries over new elections are joining the Sino–US tussles in challenging the bulls. Market mood is further weighed down by talk of the European Central Bank (ECB) cutting bond purchases due to strong inflation statistics from the EU, as well as confusion over the Fed's future steps amid confusing data.
XAU/USD is currently lower. It remains sensitive to taper expectations; we should expect increased volatility through the non-farm payroll data. Friday's outcome could set the tone for the precious metal this month.
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