Gold Price Forecast: $XAUUSD loses momentum despite easing US Dollar demand Read More!▶️ Commodities Forex
mand at the weekly opening but held within familiar levels against most rivals, to turn south early in the American session. XAU/USD's advance intensified following the release of softer-than-anticipated United States data as the June ISM Manufacturing PMI printed at 46, declining from the previous 46.9 and missing expectations of 47.2.
A strong labor market has undermined US Federal Reserve actions to tame inflation, although the latter has continued to ease in May. The Personal Consumption Expenditures Price Index rose 3.8% for the 12 months ended in May, down from 4.3% YoY in April. Still, American policymakers have made it clear that the labor market needs to loosen further for their monetary policy to succeed fully.
The 4-hour also puts at doubt additional gains. XAU/USD met buyers around a mildly bullish 20 SMA but remains below firmly bearish 100 and 200 SMAs. At the same time, technical indicators began retreating, although they remain above their midlines so far, limiting the odds for a near-term slide. Gold needs to move past $1,945 to recover its bullish poise, an unlikely scenario in the upcoming sessions. On the other hand, a new leg south below $1,917.
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