XAUUSD : Gold will fall after today's data

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The price of gold (XAU/USD) yesterday fell more than 1.4% from a high of 2,352 USD to a low of 2,318 USD, a decrease of about 40 USD. This trend is partly due to the slight recovery of the USD, which has a negative correlation with gold. In addition, investors' attention may be shifting to the bond market as concerns about economic growth increase after recent poor data from the US.

Job openings data according to the newly released JOLTS report were lower than expected with only 8.06 million in April, compared to the forecast of 8.34 million and 8.35 million in March (according to data from the US Bureau of Labor Statistics). ). This data shows that the US labor market is showing signs of weakness. The US non-farm payrolls (NFP) report scheduled to be released on Friday will be the most important event this week. JOLTS numbers lower than expected are considered a bad signal. If NFP also shows similar results, the USD will likely come under significant selling pressure, thereby supporting gold prices.

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