Gold price is looking to build on the previous upswing in the Asian session on Tuesday.
Gold price posts small gains early Tuesday, following a positive start to the Big week. The US Dollar recovers overnight losses, as US Treasury yields retreat amid risk-off mood. Gold traders turn cautious ahead of US jobs data, Fed Chair Powell’s speech. Gold price regains key 21-day SMA, as the daily RSI flips bullish. 50-day SMA is the next topside barrier.
The ISM's manufacturing PMI slipped to 48.5 last month from 48.7 in May.The ISM Manufacturing Price Paid sub-index also dropped sharply to 52.1 in June from May’s 57.0, missing the expected 55.9 print. However, the uptick of the US Dollar was short-lived, as traders weighed the downbeat data, which supported the Fed's bets for a policy pivot as early as September.
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