GOLD PRICE FORECAST: XAU/USD STAYS BEARISH BELOW $1,925, US DATA, FED MINUTES EYED – CONFLUENCE DETECTOR
Gold Price portrays pre-data anxiety amid US Dollar’s retreat.
Mixed data from China, PBoC rate cut also allows the XAU/USD to lick its wounds.
Gold price struggles below $1,925 resistance confluence but sellers remain cautious beyond $1,888.
US Retail Sales, FOMC Minutes eyed for clear directions, risk catalysts eyed as well.
Gold Price (XAU/USD) cheers a pullback in the US Dollar, as well as mixed the market’s consolidation ahead of the top-tier US data/events to portray a corrective bounce off a five-week low. Adding strength to the XAU/USD’s rebound could be the People’s Bank of China’s (PBoC) rate cut and a slew of downbeat China data suggesting more stimulus from the Dragon Nation. Above all, a retreat of the US Dollar Index (DXY) joins the sluggish Treasury bond yields and cautious optimism in the market to allow the Gold bears to take a breather.
Looking ahead, the US Retail Sales for July, expected 0.4% MoM versus 0.2% prior, will be important to watch for intermediate directions of the Gold Price ahead of Wednesday’s Minutes of the Federal Reserve’s (Fed) latest monetary policy meeting. Above all, the bond market moves will be crucial for a clear guide
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