Gold Price Forecast: XAU/USD retreats towards $1,800 as death cross precedes Fed Minutes, US NFP By anilpanchal7 Gold XAUUSD NFP Fed Recession
doing so, the yellow metal justifies the risk-off mood amid economic slowdown fears but remains dormant amid the US holiday, as well as a cautious mood ahead of this week’s key data/events.
That said, the US ISM Manufacturing PMI for June slumped to the lowest levels in two years, to 53.0 versus 54.9 expected and 56.1 prior. The details suggested the Employment Index declined to 47.3 from 49.6 and New Orders Index fell to 49.2 from 55.1. Finally, Prices Paid Index dropped to 78.5 from 82.2, versus market forecasts of 81.0. It should be noted that the final readings of the S&P Global Manufacturing PMI for June dropped to the lowest level since July 2020, to 52.
Amid these plays, the US 10-year Treasury yields marked the biggest weekly fall since February whereas Wall Street benchmarks struggled for clear directions after Friday’s surprise gains. Further, S&P 500 Futures drop half a percent to portray the risk-off mood by the press time. As the 50-DMA pierces the 200-DMA from above, backed by the aforementioned oscillators, the XAU/USD is likely to retest the multi-month-old support area near $1,780. However, the sellers need validation from the immediate resistance-turned-support around $1,800.
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