Gold is trading sideways around $3,980/oz, near a four-week low. The ADP data, which added 42,000 jobs, and the ISM Services PMI, which hit an eight-month high, have led the market to lower bets on a Fed rate cut, in line with Powell's hawkish tone and inflation remaining above target.
At the same time, global risk appetite has improved, reducing interest in gold as a safe haven. In the short term, prices are likely to remain consolidative while awaiting new signals from Fed officials' comments and subsequent data releases.
At the time of this analysis, the gold price was around $3,984.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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