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FXStreet reports strategists at OCBC Bank expect the gold (XAU/USD) to continue with its sideways movement ahead of Friday’s Nonfarm Payrolls. A robust report could send the yellow metal below the $1800 level.

“The last three days saw little intraday volatility in gold price movements and the precious metal has traded cleanly above the $1800 level in the same period. We expect this trend to continue until tomorrow’s jobs report.”

“A strong US nonfarm payroll may send gold back below the $1800 handle.”

FXStreet reports that OPEC+ members agreed to continue the gradual increase in output, and Bart Melek, Head of Commodity Strategy at TD Securities, suggested that WTI is set to trade below the $70 level, given global demand concerns.

“The crude market will very likely continue to face headwinds from the Delta variant as it will take time for full Pfizer Vaccine approval to increase vaccination rates, while the planned 400k b/d OPEC+ supply increase also removes some supply-side support.”

“With demand lower than expected just weeks ago, it certainly looks like the global crude market will not be as tight as originally thought.”

“Crude should have a hard time rallying much above the recent trading range. Any sustained move above the $70/bbl mark, will require more certainty on the demand side and no sudden production increases from Iran.”

FXStreet notes that pricing pressure remains intense. Combined with a slightly weaker USD and amid a stabilization in the growth dynamic, strategists at ANZ Bank maintain gold short-term price target at $1,900.

“Our gold valuation model still suggests gold is undervalued. The rally in bonds and recent strength in the USD has seen investors demand for gold wane. However, the undervaluation of around $150 has been driven by expectations that the spike in inflation will be transitory.”

“If inflation expectations start to drift, the gold price could push higher. If the 30y breakeven rate were to rise 10-15 basis points from the current level of 2.25%, we would see gold’s valuation push up to nearly $2,000.”

“We still expect the gold price to inch higher. As such, we maintain our short-term price target of $1,900."