The US labor market data strengthened the dollar and supported the Federal Reserve's cautious approach to rate cuts, which puts pressure on the gold price. Investors are now awaiting the release of US inflation data later this week, as well as speeches from Fed officials.

Despite the strong dollar, gold is still supporting the local uptrend. Signs of a possible weakening of the US economy may lower Treasury bond yields and support expectations of rate cuts, which will give a boost to gold prices. However, it is necessary to watch the market behavior when the quotations approach the $2710 mark, where resistance may be met.

The situation looks uncertain.