Gold Price Forecast: XAU/USD eyes further downside as United States data fuels US Dollar – by anilpanchal7 Gold XAUUSD Fed PMI RiskAversion
trading hours of Tuesday’s Asian session. In doing so, the XAU/USD takes clues from the comparatively upbeat US data while ignoring upbeat sentiment and hopes of witnessing a sooner end to the tightening cycle at the major central banks.Gold Price stays on the back foot for the fifth consecutive day despite the latest inaction at the lowest level in a week. In doing so, the XAU/USD cheers comparatively better US PMI data versus the activity numbers from the UK, Eurozone and Australia.
During the last week, upbeat prints of the US Retail Sales Group for June superseded the downbeat US housing and activity data to underpin the US Dollar’s rebound from the lowest levels in 15 months. However, the previously released US employment and inflation clues have been downbeat and flag fears of the Federal Reserve’s policy pivot past July, which in turn prod the greenback bulls of late.HCOB Manufacturing PMI slumped to the lowest level since May 2020, to 42.7 for July from 43.
With this, the Gold Price is likely to decline further toward the 50-DMA support of around $1,947. However, a horizontal area comprising multiple levels marked since mid-March, around $1,935-33, will challenge the bears afterward. On the contrary, a daily closing beyond the 100-DMA of around $1,962 will allow the Gold buyers to challenge the aforementioned horizontal resistance surrounding $1,985.
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