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Gold traders are taking it easy on the first trading day of the week because there are a number of important economic events that will impact the precious metal price. The dollar index has shown strength in light of recent data, but gold traders are still very optimistic that gold prices will continue to move higher given that the precious metal has remained above important price points in the past week.
The market currently expects the Fed to cut interest rates by 25 basis points, but many think that the US labor market data and the US NFP data, which are due on Friday, will determine the pace of the interest rate cut. This is the most significant economic week for the US dollar index and the gold price.
On the weekly chart, we can see that last week, there wasn’t much of an action for the gold prices as bigger bets have stayed very much on the sidelines, and this is because traders believe that most of the good news, especially if there is only an interest rate cut of 25 basis points, is already baked into the price.
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