Gold Price Forecast: XAU/USD retreats towards $1,890 as United States employment, activity data loom – by anilpanchal7 Gold XAUUSD PMI Employment Fed
Sour sentiment, hawkish Federal Reserve Minutes propel US Dollar and weigh on XAU/USD. remains pressured around $1,915 amid early Thursday morning in Asia, after fading the four-day uptrend, reversing from 21-DMA. In doing so, the XAU/USD not only braces for the key horizontal support but also takes clues from China concerns, as well as hawkish expectations from the Federal Reserve . That said, the XAU/USD pullback ignores softer United States data while tracing upbeat US Treasury bond yields.
Elsewhere, the Federal Open Market Committee Minutes for the June meeting stated that almost all members agreed to a pause in the rate hike trajectory while some policymakers showed an inclination for a July rate hike of around 0.25%. The Fed members also noted a reduction in bank stress, improvement in economic conditions and substantial improvement in bond issuance.
Adding strength to the pullback move are the sluggish signals from the Moving Average Convergence and Divergence indicator, as well as the below-50 conditions of the Relative Strength Index , placed at 14.
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