- **Gold Price:** Gold is holding above $2,500 ahead of the US Non-Farm Payroll data, having reached a high of $2,523 yesterday and currently trading around $2,517.
- **US Economy Expectations:**
- August Non-Farm Payroll is expected to increase by 164,000, up from 114,000 in the previous month.
- Unemployment rate is expected to rise to 6.5%, from 6.4%.
- **Rate Cut Probability:** The likelihood of a 25 basis point rate cut in September has decreased to 57% from 70% a week ago (CME Fed Watch Tool).
- **US Dollar Index:**
- Bullish outlook with minor support around 101.20/100.50.
- Near-term resistance at 102/102.80.
- **Gold Price Drivers:**
- **Global Stock Market:** Bearish, which is positive for gold.
- **US Dollar Index:** Bullish, which is negative for gold.
- **US 10-Year Bond Yield:** Bearish, positive for gold.
- **Technical Analysis:**
- **Support:** Near-term support at $2,470; a break below targets $2,449/$2,430.
- **Resistance:** Minor resistance at $2,520; a break above could lead to $2,525/$2,530.
- **US Economy Expectations:**
- August Non-Farm Payroll is expected to increase by 164,000, up from 114,000 in the previous month.
- Unemployment rate is expected to rise to 6.5%, from 6.4%.
- **Rate Cut Probability:** The likelihood of a 25 basis point rate cut in September has decreased to 57% from 70% a week ago (CME Fed Watch Tool).
- **US Dollar Index:**
- Bullish outlook with minor support around 101.20/100.50.
- Near-term resistance at 102/102.80.
- **Gold Price Drivers:**
- **Global Stock Market:** Bearish, which is positive for gold.
- **US Dollar Index:** Bullish, which is negative for gold.
- **US 10-Year Bond Yield:** Bearish, positive for gold.
- **Technical Analysis:**
- **Support:** Near-term support at $2,470; a break below targets $2,449/$2,430.
- **Resistance:** Minor resistance at $2,520; a break above could lead to $2,525/$2,530.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.