The gold market saw gains yesterday as JOLTS data released in the New York session weakened the US dollar as job offers of 7.67 million in July showed the lowest figure since April 2021.
In addition, investors today will look forward to the release of ADP data, jobless claims and the services PMI survey which will be released tonight.
Next, the NFP report will be the focus on Friday as the data will be the reference for the Federal Reserve (Fed) to determine interest rates at the latest meeting for the September edition.
Based on the XAU/USD chart which measures the value of gold against the US dollar, the price is seen to recover to the level of 2500.00 after falling to around 2472.00 yesterday.
Continuing on today's trading (Thursday), the price of gold is seen to continue to rise in the European session past the 2500.00 level.
The increase that continued with the positive momentum was seen to reach around 2515.00 as of trading at 5.30 pm local time with the expectation that the pattern will continue in the next session.
If the momentum is successfully maintained, the 2520.00-2530.00 zone will be the focus for prices to test the important resistance zone.
If the zone is successfully passed, investors will witness new history being created for gold.
On the other hand, if the price decline is displayed again, investors will expect the 2500.00 level to be approached again.
For a further decline with the triggered bearish movement signal, the price of gold is at risk of falling to reach around the 2470.00 zone.
