- Gold Price remains sidelined after refreshing one-week high, approaching short-term key resistance after three-day uptrend.
- XAU/USD bulls benefit from softer US Dollar as downbeat United States data fails to back hawkish Federal Reserve bias.
- Mixed concerns about China, pullback in US Treasury bond yields also underpin the Gold Price upside.
- US Holiday may restrict XAU/USD moves but bullish move towards $1,945 resistance confluence appears intact.
Gold Price (XAU/USD) remains sidelined around $1,921, after rising to the highest level in a week, as markets seek more clues during early Tuesday in Asia after witnessing a softer start to the week. It’s worth noting that the United States Independence Day holiday restricts the market performance but the recently downbeat US data weigh on the greenback and keeps the Gold Price on the bull’s radar. Adding strength to the XAU/USD price could be the hopes of witnessing improvement in the US-China ties and optimism in India, one of the world’s top Gold customers.
- Gold Price remains sidelined after refreshing one-week high, approaching short-term key resistance after three-day uptrend.
- XAU/USD bulls benefit from softer US Dollar as downbeat United States data fails to back hawkish Federal Reserve bias.
- Mixed concerns about China, pullback in US Treasury bond yields also underpin the Gold Price upside.
- US Holiday may restrict XAU/USD moves but bullish move towards $1,945 resistance confluence appears intact.
Gold Price (XAU/USD) remains sidelined around $1,921, after rising to the highest level in a week, as markets seek more clues during early Tuesday in Asia after witnessing a softer start to the week. It’s worth noting that the United States Independence Day holiday restricts the market performance but the recently downbeat US data weigh on the greenback and keeps the Gold Price on the bull’s radar. Adding strength to the XAU/USD price could be the hopes of witnessing improvement in the US-China ties and optimism in India, one of the world’s top Gold customers.
Gold Price marches as softer United States data weigh on US Dollar
Gold Price cheer downbeat United States statistics while paying no attention to the hawkish Federal Reserve (Fed) bets as the US Dollar retreats from a three-week high.
On Monday, US ISM Manufacturing PMI for June dropped to the lowest level in three years, as well as stayed below the 50.0 level for the seventh consecutive month, as it marked 46.0 figure versus 47.2 expected and 46.9 prior. Further details reveal that the ISM Manufacturing Employment Index slide to a three-month low of 48.1 in June from 51.4 previous readings but the New Orders Index improved to 45.6 from 42.6 marked in May and 44.0 maket forecasts. Additionally, the ISM Manufacturing Prices Pair nosedived to the lowest since April 2020, to 41.8, during the said month from 44.2 previous readings.
On a different page, S&P Global Manufacturing PMI for June confirmed 46.3 figure, the lowest in five months, whereas the Construction Spending improved 0.9% MoM for May, versus 0.5% expected and 0.4% previous readouts.
It should be noted that the US Gross Domestic Product (GDP) and Durable Goods Orders, released the last week, improved but failed to gain support from the Fed’s preferred inflation gauge, namely the US Personal Consumption Expenditure (PCE) Price Index. Additionally, personal spending also eased and hence challenges the hawkish Fed bias while fueling the Gold Price.
That said, the interest rate futures suggest 85% probability of witnessing a 25 basis points (bps) of Fed rate hike in July. On the same line, Reuters said, “Futures markets had reflected rate cuts at the Fed's September meeting as recently as May, and are now projecting that the first cuts will come in January.” The market's hawkish Fed bets could be linked to the last week’s hawkish comments from the Federal Reserve Officials at the European Central Bank (ECB) Forum in Sintra, which in turn caps the Gold Price despite the XAU/USD bull’s optimism
Gold Price cheer downbeat United States statistics while paying no attention to the hawkish Federal Reserve (Fed) bets as the US Dollar retreats from a three-week high.
On Monday, US ISM Manufacturing PMI for June dropped to the lowest level in three years, as well as stayed below the 50.0 level for the seventh consecutive month, as it marked 46.0 figure versus 47.2 expected and 46.9 prior. Further details reveal that the ISM Manufacturing Employment Index slide to a three-month low of 48.1 in June from 51.4 previous readings but the New Orders Index improved to 45.6 from 42.6 marked in May and 44.0 maket forecasts. Additionally, the ISM Manufacturing Prices Pair nosedived to the lowest since April 2020, to 41.8, during the said month from 44.2 previous readings.
On a different page, S&P Global Manufacturing PMI for June confirmed 46.3 figure, the lowest in five months, whereas the Construction Spending improved 0.9% MoM for May, versus 0.5% expected and 0.4% previous readouts.
It should be noted that the US Gross Domestic Product (GDP) and Durable Goods Orders, released the last week, improved but failed to gain support from the Fed’s preferred inflation gauge, namely the US Personal Consumption Expenditure (PCE) Price Index. Additionally, personal spending also eased and hence challenges the hawkish Fed bias while fueling the Gold Price.
That said, the interest rate futures suggest 85% probability of witnessing a 25 basis points (bps) of Fed rate hike in July. On the same line, Reuters said, “Futures markets had reflected rate cuts at the Fed's September meeting as recently as May, and are now projecting that the first cuts will come in January.” The market's hawkish Fed bets could be linked to the last week’s hawkish comments from the Federal Reserve Officials at the European Central Bank (ECB) Forum in Sintra, which in turn caps the Gold Price despite the XAU/USD bull’s optimism
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