Gold Price Forecast: XAU/USD run-up appears more compulsive as US data looms – Confluence Detector – by anilpanchal7 Gold XAUUSD Confluences Fed Macroeconomics
k-off mood. It’s worth noting, however, that the US Dollar’s struggle to justify the sour sentiment, maybe due to Wednesday’s softer US data, seems to underpin the Gold Price upside, enabling it to challenge the three-week downturn., despite softer data, to spoil the risk appetite and fuel the XAU/USD of late, due to the market’s traditional haven status. However, fears about China’s economic recovery and heavy outflow of funds from Beijing to neighboring countries prod the Gold buyers.
Looking ahead, today’s US ISM Services PMI and ADP Employment Change for June, as well as China headlines and recession woes, will be crucial for the Gold Price directions.Gold Price That said, a convergence of the Fibonacci 23.6% on one-month joins the previous daily low to highlight the short-term key support around $1,916.
That said, Fibonacci 61.8% on one-day and 38.2% on one-month joins Pivot Point one-day R1 to signal the $1,928-29 as nearby upside hurdle.
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