Gold, cautiously bullish supported by US Dollar weaknessSpot GoldTRADENATION:XAUUSDTradeNationGold is trading with a stronger tone, supported by a weaker US dollar and lower Treasury yields. The main focus today will be the US August ISM Services PMI and initial jobless claims, ahead of Friday's crucial Non-Farm Payrolls report. A weaker-than-expected ISM Services reading or higher jobless claims would increase concerns about slowing US economic momentum. This would likely weaken the dollar and reduce Treasury yields, creating a more supportive environment for gold. Conversely, a strong ISM Services report, particularly if the employment and prices components remain elevated, could strengthen expectations for tighter monetary policy. This could push the US dollar and Treasury yields higher and create downside pressure on gold. Fed Governor Christopher Waller's comments will also be closely watched. A hawkish message supporting further policy tightening could limit gold's gains, while a more cautious and data-dependent tone could support further upside. International data, including services PMIs from China, Italy and Canada, together with Swiss inflation and GDP figures, will provide additional insight into global economic conditions. However, the US releases are likely to remain the main drivers for gold today. Corporate earnings from Ciena, Zscaler and Lululemon could also influence broader market sentiment. Strong earnings could improve risk appetite and reduce safe-haven demand for gold, while disappointing results could increase defensive positioning and provide additional support. Conclusion for gold trading today: The short-term outlook for gold is cautiously bullish, supported by the weaker dollar and lower Treasury yields. However, volatility is likely to increase around the US ISM Services data, jobless claims and Christopher Waller's comments. Softer US economic data should support further upside in gold, while stronger-than-expected activity and hawkish Fed signals could trigger renewed selling pressure. The broader direction will remain heavily influenced by Friday's US employment report. Key Support and Resistance Levels Resistance Level 1: 4533 Resistance Level 2: 4522 Resistance Level 3: 4700 Support Level 1: 4280 Support Level 2: 4210 Support Level 3: 4153 The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance. To the extent permitted by law, in no event shall Trade Nation (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk. Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Financial Spread Bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.