Gold Price Forecast: XAU/USD stages a modest recovery from multi-week low, upside seems limited – by hareshmenghani Gold Commodities Fed RiskAppetite XAUUSD
-week low. The XAU/USD currently trades with a mild positive bias around the $1,937-$1,938 area, up nearly 0.20% for the day, though any meaningful appreciating move still seems elusive. enters a bullish consolidation phase and witnesses a subdued/range-bound price action near its highest level since July 7. This, in turn, is seen as a key factor lending some support to the US Dollar-denominated Gold price.
The ADP National Employment report showed on Wednesday that private-sector employers in the United States added 324K jobs in July as compared to the 189K anticipated. This points to continued labour market resilience and should shield the economy from a recession, allowing theto stick to its hawkish stance.
Investors, meanwhile, now seem to have digested the Fitch downgrade of the US government's credit rating to AA+ from AAA late Tuesday. Adding to this, China's Caixin Services PMI unexpectedly rose to 54.1 in July from 53.9 in the previous month and leads to a slight recovery in the global risk sentiment.
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