At the close of yesterday's trading session, the price level of $2,485 (Daily Chart) was successfully maintained after the data report of the NFP indicator, namely JOLTS, was reported to have decreased compared to before, while increasing the expectation of an interest rate cut by the Fed at next week's FOMC meeting by 50 basis points.
The US dollar was trading lower after yesterday's JOLTS data report.
Investors' focus at this point is completely on the NFP data report and "wage inflation" tomorrow. The second report of the data is expected to provide an early indication to market players in examining the monetary policy decision by the FED at the FOMC meeting later.
However, several series of American economic reports tonight, namely "ADP Employment", "Initial Jobless Claim" and "ISM Services PMI".
This data report is able to have a comprehensive impact on the American Dollar and also affect the price of gold. If the data report is seen as disappointing, the "Dovish" sentiment towards the American Dollar can be doubled and stimulate the price of gold.
On the other hand, Russia will purchase gold at a daily rate of 1.12 billion rubles up to 8.2 billion rubles starting in October 2024.
Technical Analysis Based on the daily chart, gold is expected to trade between the price level of $2,518 and $2,490.
The closing price level for today's trading session will give a clear indication of the direction of gold tomorrow.
