The gold price on Thursday (8/7) has the opportunity to be corrected by moving to the support and resistance levels of US$1,775-US$1,800 per troy ounce.

Commodity Observer Ariston Tjendra said this morning that the minutes of the US Central Bank's monetary policy meeting showed the potential to reduce asset purchases, or tapering, especially housing loan securities, soon.

"The condition of the housing sector in the US is seen to have improved. This projection could encourage the strengthening of the US dollar and trigger the weakening of gold prices today," he said in Jakarta.

As for tonight, the market will pay attention to the US weekly unemployment benefit claims data. Data showing claims that fell below expectations could encourage the strengthening of the US dollar and depress gold prices. And vice versa.