The Gold price (XAU/USD) dipped during early Asian trading on Wednesday but remained below the $2,500 level due to renewed strength in the US Dollar (USD). Geopolitical tensions in the Middle East and expectations for Federal Reserve (Fed) rate cuts could support gold in the short term. Key economic data, including JOLTS Job Openings and the Fed Beige Book, will be closely monitored, along with the Nonfarm Payrolls (NFP) report on Friday. Lower-than-expected data could prompt speculations of a U.S. recession and faster Fed rate cuts, potentially benefiting non-yielding gold.

Market Dynamics: Gold Price Pressured by Stronger Dollar

Gold is currently under pressure due to the rising USD. The US ISM Manufacturing PMI increased slightly to 47.2 in August, missing expectations of 47.5. This led traders to increase the likelihood of a more substantial rate cut by the Fed. JOLTS Job Openings and the ISM Services PMI are also expected to show mixed results, affecting gold's near-term outlook.

Despite recent declines, gold maintains a bullish trend on the daily chart, trading above the 100-day Exponential Moving Average (EMA) and supported by the 14-day Relative Strength Index (RSI). Key resistance levels are identified at $2,530-$2,540, with a potential upside to the $2,600 mark. Immediate support is seen at $2,470, with further downside risks toward $2,432 and $2,377.