Gold prices edged lower on Thursday, as the spot price stands at $1321.10 per ounce in late the European session. It's a busy day on the release front, and we could see some movement from XAU/USD. In the Eurozone, the ECB will announce its benchmark interest rate, followed by a press conference hosted by ECB head Mario Draghi. Over in the US, employment data is in the spotlight, with the releases of Nonfarm Payrolls, the Unemployment Rate and Unemployment Claims. As well, we'll get a look at the US Trade Balance. Will the ECB take any dramatic action at its policy meeting later on Thursday? Most analysts think not, with the ECB expected to hold rates at the record low of 0.15% and maintain current monetary policy. At the June meeting, the ECB took unprecedented steps to combat low growth and inflation, including negative deposit rates. These measures were intended to boost inflation and growth levels, but that hasn't occurred, at least not yet. This was reaffirmed with the release of Eurozone Retail Sales on Thursday, the primary gauge of consumer spending. The indicator dipped to 0.0%, shy of the estimate of 0.3%. In the US, ADP Nonfarm Payrolls was outstanding, soaring to 281 thousand, up from 179 thousand a month earlier. This crushed the estimate of 207 thousand. Will the official Nonfarm Payrolls follow suit? The markets are expecting a reading of 214 thousand, slightly below the May reading. The Unemployment Rate and Unemployment Claims are also expected to show little change. If there are any surprises from these key indicators, traders can expect some movement from EUR/USD during the day.

Source