Gold price (XAU/USD) climbed closer to the $2,524-2,525 supply zone on Thursday amid some follow-through US Dollar (USD) selling, led by bets for a larger interest rate cut by the Federal Reserve (Fed) later this month.
Gold price continues to draw support from dovish Fed -inspired USD selling bias. Worries about a US economic downturn further underpin the safe-haven metal. Traders turn cautious ahead of the release of the crucial US employment details. Gold price climbed closer to the $2,524-2,525 supply zone on Thursday amid some follow-through US Dollar selling, led by bets for a larger interest rate cut by the Fed eral Reserve later this month.
The market focus now shifts to the crucial US Nonfarm Payrolls report, which is expected to show that the economy added 160K jobs in August and the Unemployment Rate ticked lower to 4.2%. Technical Analysis: Gold price could accelerate the positive move once the $2,524-2.525 hurdle is cleared decisively From a technical perspective, momentum beyond the $2,524-2,525 immediate hurdle will be seen as a fresh trigger for bullish traders.
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