Gold Price (XAU/USD) remains mildly bid while picking up bids to reverse the previous day’s pullback from a one-month high amid early Monday. That sai
d, the US Dollar’s retreat amid the US Labor Day Holiday joins the mixed US–China news to underpin the XAU/USD upside around $1,941 of late. It’s worth noting that Friday’s United States data prod the Gold buyers after the metal refreshed the monthly top. Even so, a lack of hawkish bias about the Federal Reserve joins China stimulus to keep the bullion buyers hopeful, especially when the technical details are favorable to the upside move.
On the other hand, China’s Caixin Manufacturing PMI for August rose to 51.0 versus 49.3 market forecasts and 49.2 previous readings. On the same line, China’s official NBS Manufacturing PMI for August rose to 49.7 versus 49.4 expected and 49.3 previous readings. However, the Non-Manufacturing PMI came in as 51.0 compared to 51.5 prior readouts and market forecasts of 51.1.
Recently, the global rating agency Moody’s cuts its economic growth forecasts for China, as well as revised up the US Gross Domestic Product predictions in its latest report while theabout the US-China tension and Beijing’s readiness for more stimulus entertain the Gold traders. Although the US Dollar’s struggle to defend the latest gains joins the China-inspired optimism to underpin the Gold Price upside, traders need more clues to defend the XAU/USD buyers as the sentiment remains fragile. That said, the S&P 500 Futures printed mild losses by the press time and the equity buyers have also lost some of the grounds in the last few days.
That said, the bullish signals on the Moving Average Convergence and Divergence indicator, as well as an upbeat Relative Strength Index line, placed at 14, keep the XAU/USD hopeful of crossing the immediate upside hurdle.
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