Early in the morning, the minutes of the FOMC meeting will be published at 3:00 am. Following that, gold prices have been trading high since the opening of today's trading session.
Opening of Economic Data 2024
Today some important economic data will be published, these data are important data in supporting the latest market sentiment where interest rate cuts are expected to be implemented by the Fed at the beginning of the second quarter / March 2024. Among the data that will be published on the night this is:
Previous Expected Data Time
11.00 Night ISM Manufacturing PMI(Dec) 47.1 46.7
11.00 Night ISM Manufacturing Employment Index (Dec) – 45.8
11.00 Night JOLTS Job Openings (Nov) 8.85M 8.733M
3.00 AM FOMC Minutes – –
The focus of data production in the first week of January 2024 is where the data will provide an indication of the level of stability of the American job market today. As you know, the stability of the labor market is a key factor in determining the direction of interest rates and the current level of inflation in a country.
Technical Analysis
From a technical perspective, the "price rejection" that has occurred at the $2078 price level is an early warning against "bullish" gold price players. If this price level can be broken, $2100 will be the determining price level.
On the other hand, $2055 is seen as the main barrier for gold prices to trade lower, but if the employment data indicators that will take place this week can influence the current sentiment, $2040 will be tested and will be decisive if gold prices can trade lower around the level $2000.
