XAUUSD

The precious metal is following a sideways trend due to the weak US data announced yesterday and the declining US Treasury yields. The performance of gold, which is a non-interest-bearing asset, is sensitive to expectations regarding the Fed's monetary policy path. In this context, today’s JOLTS Job Openings data will be the first significant signal shaping these expectations based on the state of the labor market. A data point that falls below expectations has the potential to confirm the slowdown in the labor market, thereby increasing expectations for interest rate cuts and, consequently, the demand for gold.