High anticipation is built upon the July US job data—Jolts Job Openings—that will be released tonight at 9:00 PM Cambodia time, with a lower projection than the prior figure.
This projection suggests more weakening in the labor market conditions, which could potentially align with what the Federal Reserve Chair Jerome Powell said in his speeches last time. This also means that businesses are taking a more cautious approach ahead of the uncertainty in the market.
One thing to note, both the previous July ISM non-manufacturing PMI and the manufacturing PMI, employment levels are evidence supporting these weakness claims.
And if by chance, this data continues to show more softening, then this will increase more odds of an interest rate cut and will likely result in higher gold prices. And vice versa for a stronger than expected.
