Spot Gold Rebounds as U.S. Economic Data Takes Center Stage; U.S. Markets Closed for Labor Day
With U.S. markets closed for Labor Day, spot gold prices rebounded in thin trade Monday, while the U.S. Dollar Index (DXY) remained steady but flat at 101.65.
Traders are eyeing Friday's Non-Farm Payroll Report for clues on the Fed's next move after Fed Chair Powell hinted at potential September rate cuts.
While a 25-basis-point cut is widely expected, a 50-basis-point reduction is still possible.
Forecasts project 164,000 jobs added in August, up from 114,000 in July.
Based on technical assessment, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are negative, and the Average Directional Index (ADX) indicates a ranging market.
Although the gold market has rebounded (slightly), the broader view is expected to remain bullish.
However, traders should monitor signals closely and adjust risk management strategies accordingly.
With the support intact at $2,488-94, the bullish bias may continue, aiming for resistance at $2,517-19.
A break above this level could lead to a $2,530-32 target and reassess positions from there.
Daily Chart Spot Gold
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