Before today’s August U.S. jobs report, gold faced selling pressure in the Tokyo market yesterday. But later, the August private jobs report and new jobless claims showed weaker results than expected, and U.S. long-term interest rates went down. Because gold does not pay interest, this helped gold prices rise again.
If today’s jobs report is stronger than expected, the market may react with dollar buying and gold selling. However, looking at other job data like the private jobs report, the weak trend is clear. So, any gold drop may only be temporary.
Gold–Dollar expected range: 3,540 – 3,750 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.