XAUUSD

The performance of gold is indexed to the U.S. employment data to be announced this week due to its high sensitivity to interest rates. Especially if the JOLTS and ADP data indicate a cooling in the labor market, expectations for the Fed to adopt a more dovish stance will increase. This scenario could act as a positive catalyst for the precious metal by putting pressure on the U.S. Dollar and bond yields. Gold, which is priced close to the 3970 level, has a support level at 3954 and a resistance level at 3980.