The market's focus today will be on the United States (US) PMI data from the ISM survey that will be released in the New York session.
The data will provide insight into the state of important sectors that can also influence the current movement of gold.
In addition, investors are also on alert as there is a lot of data that can affect the gold market throughout the week and the most anticipated is the NFP jobs report.
NFP will be the focus of investors since the data will be the reference for the Federal Reserve (Fed) to determine interest rates at the latest meeting.
Based on the XAU/USD chart which measures the value of gold against the US dollar, the price is seen to show a decline in the Asian session this morning (Tuesday) after the increase reached around 2507.00 yesterday.
Despite the price decline, the price of gold still remains firm and does not pass the 2490.00 zone.
Based on the current gold price movement, it can be seen that the price is making an increase at the beginning of the European session, passing the 2500.00 level again.
If the price is to continue the momentum, the 2530.00 level will be the focus for the price to test that important resistance zone.
If the zone is successfully passed, the latest record in gold price history will be created once again.
On the other hand, if the price makes a further decline below the 2500.00 level, the risk for a fall is high and investors will expect the 2470.00 zone to be in focus.
For further declines to continue, the price of gold risks falling to around 2450.00.
