Gold price hovers around $1,820

Gold price (XAU/USD) remains directionless, trading at around $1,820, as investors keenly await the United States Nonfarm Payrolls (NFP) data for September. The employment report will set an undertone for the Federal Reserve’s (Fed) upcoming monetary policy decision in November. US labor market conditions are seen softening further considering weak cues from the ADP Employment report released earlier this week, but the outlook is uncertain.
Soft Nonfarm Payrolls data is expected to ease selling pressure in the US Treasuries and would improve the appeal for Gold. Apart from that, expectations of one more interest rate increase from the Fed in the remainder of 2023 would vanish. However, a further acceleration in wage growth would discomfort Fed policymakers and spur consumer inflation expectations.
Technical Analysis: Gold price trades directionless above $1,810
Gold price oscillates inside Thursday’s trading range as investors await the US labor market data for further guidance. The precious metal strives for a direction, which will likely be set after the release of the NFP report. A death cross, represented by the 50-day and 200-day Exponential Moving Averages (EMAs) at $1,905.00, warrants more downside. Momentum oscillators have turned extremely oversold. XAUUSD