XAUUSD

The precious metal rebounded with expectations that the Fed might be closer to interest rate cuts following the ADP data announced yesterday, which showed a surprising decline in private sector employment. This development led to a loosening in U.S. Treasury yields, supporting the non-yielding asset Gold. The weekly Jobless Claims data to be released today will play a critical role in testing whether the cooling in the labor market continues and will determine Gold's short-term direction.