Gold Price Hits $4500 as NFP Jobs Report Looms

The current gold price is being tested at $4,500 ahead of the upcoming NFP (Non-Farm Payroll) jobs report. This benchmark payroll data is significant as it will provide guidance on whether or not interest rates are moving towards rate cuts.

According to the expected addition of 55,000 jobs, a hot jobs number could work against gold if rates continue to grind higher. The current price action in gold is 'just kind of bounce around' due to its proximity to the 200-day EMA and the importance of the upcoming jobs report.

The long weekend in the United States, specifically Labor Day on Monday, may also impact liquidity. As a result, some market participants expect 'a little bit of chop' before the jobs report is released.