XAUUSD

Gold prices have already priced in the signals from Fed Chairman Powell's speech on Tuesday. Today, the Philadelphia Fed Manufacturing Index data to be released from the U.S. is important for gold. If the index remains below expectations (8.6), it could raise concerns about economic slowdown and stimulate safe-haven demand for gold. However, tomorrow's U.S. Non-Farm Payrolls, Average Hourly Earnings, and Unemployment Rate data will determine the market's expectations regarding the Fed's future monetary policy. Strong labor data could support the Dollar, putting pressure on gold, while weak data could reduce expectations for interest rate hikes, providing support for gold prices.