The "Risk Off" sentiment in the market at the moment has given a grip on the market after yesterday's US economic data report PMI was reported to have declined.
This data report has been one of the focus of the market's main economic data in this week's trading session.
The US PMI data report index which is the world's leading and also the world's largest economic player has once again been reported to collapse.
As such, investors' concerns about the potential for a global economic downturn are becoming more acute. This is added to the main indication of the economy of the manufacturing sector in China which was also reported to have declined earlier this week.
The current market situation at the same time gives an advantage to the "safe-heaven" market, especially the gold market and the Japanese currency Yen, which is often seen as the focus of investors in the "hedging" investment method during periods of turmoil that hit the world market.
Gold in the early trading session today was traded "sideway" after doing a "sharp-rebounce" in the New York trading session yesterday when the American PMI economic data report was reported.
The resurgence of the yen currency since yesterday is seen as giving a risk to the American Dollar currency to trade lower. And if this market sentiment persists, it will at once be able to create demand for the gold market.
However, the main focus of investors this week should be on the US NFP jobs data report.
Therefore, some early NFP indicator reports such as the JOLTS data report that will be reported tonight are able to create new indicators on the real situation of the American economic market and also the movement of gold.
Technical Analysis Based on the daily chart, gold buyers will still dominate the market if the price level of $2,485 is maintained.
However, if the main price level is able to be broken, the price level of $2,465 will be the focus before the price continues to trade low at least to the price level of $2,425.
