Today's market and strategy analysis

Gold's price aimed higher during the North American session after weaker-than-expected jobs data in the United States (US) increased the odds for a 50-basis-point (bps) rate cut by the Federal Reserve (Fed). Additionally, US Treasury bond yields dropped and undermined the Greenback, which is inversely correlated to the golden metal. Therefore, the XAU/USD trades at $2,493, up by a minimal 0.05%.

Bullion prices had been seesawing throughout the day, mainly driven by traders booking profits, which pushed the golden metal toward a daily low of $2,471. Lately, Gold recovered some ground as the US Bureau of Labor Statistics (BLS) revealed its latest Jobs & Labor Turnover Survey (JOLTS), showing vacancies dropped to their lowest level since January 2021.

Gold opened at around 2494 and rose to around 2496 at the highest and around 2494 at the lowest before press time.Pay attention to the resistance of 2510-2520-2530. If it fails to break through, it will test2480-2170-2460