XAUUSD

The precious metal continues to be under pressure due to rising bond yields and a strengthening Dollar following Fed Chairman Powell's hawkish messages yesterday. Today, Gold's fate depends on the ADP employment report and ISM Services PMI data coming from the U.S. Weak data indicating a significant slowdown in the labor market and economic activity will create expectations that the Fed will not be able to maintain its hawkish stance, which will be the most important support for Gold, an interest-free asset.