Gold Price Sees Mild Rebound as USD Weakens Amid Disappointing Jobs Data
The gold price (XAU/USD) has been trading higher on Thursday after bouncing from three-week lows near $4,280 on Wednesday.
This rebound is largely attributed to a weaker US Dollar, following disappointing ADP employment data and comments from New York Federal Reserve President John Williams that tempered rate hike expectations.
Bulls are likely to face significant resistance at $4,470, the August 31 high, before potentially breaking above the 200-day Simple Moving Average (SMA) at $4,533.