The gold price is on the rebound today as investors await tomorrows all important jobs data out of the US and depending on the numbers, gold could go either way.

The market is currently pricing in a 70 percent chance that the US Federal Reserve will lift interest rates before the end of the year.

If tomorrows Non farm payrolls figure and unemployment rate hit the market above expectations the chances of a rate hike will probably rise to over 90 percent and that should see the gold price tumble again.

On the other hand, if the figures disappoint investors, gold is likely to benefit as the chances of a rate rise fall.

On the chart, we can see that gold has traded in a tight range over the last 3 trading sessions, making a run for the $1,280 mark before pulling back towards the lows of the session.

Even if the data from America tomorrow falls short of expectations, gold may find it difficult to break above this range.