There was no significant change in the gold price movement for the past few days which remained flat towards the end of the week.
However, analysts expect that there will be a significant reaction displayed in the New York session shortly when the focus is entirely on the United States (US) NFP employment data report.
This will be an important indicator in the market especially for the Federal Reserve (Fed) in setting their next monetary policy.
The majority of the market sees policy easing as the direction the Fed is heading through 2024, so tonight's data will be an additional indication of that expectation.
Looking at the XAU/USD chart which measures the value of gold against the US dollar, the price maintained a flat pattern for the fourth day in a row after a sharp plunge earlier in the week.
The price has seen a decline from the all-time high of 2140.00, plunging to around 2010.00 last Tuesday.
Then the price is flat in the 2020.00-2030.00 zone until today (Friday).
The price movement on Thursday yesterday which was seen crossing above the Moving Average 50 (MA50) support line gave a little relief to investors as an early signal for the probability that the price will recover and make an increase again.
However, everything will depend on the reading of the NFP report shortly, and the situation has kept investors on guard for the past few days.
If gold prices manage to bounce back, the initial resistance at 2050.00 will be in focus before the rally continues to the 2070.00 target.
On the other hand if the price of gold plunges, investors will expect a price reaction to be shown at the 2000.00 concentration level.
Trading in the New York session is expected to be risky with volatile price movements, therefore investors are advised to carefully control their respective trading risks.
