Gold Price Forecast: XAU/USD slides towards $1,730, US data, Jackson Hole eyed – by anilpanchal7 Gold XAUUSD Fed Recession YieldCurve
The bullion’s latest weakness could be linked to hawkish Fedspeak and the firmer US Treasury yields, not to forget the fears of economic slowdown, which in turn underpin the US dollar’s rebound and weigh on the XAU/USD amid a sluggish session.
The preliminary readings of the US S&P Global Manufacturing PMI for August eased to 51.3 versus 52.0 expected and 52.2 prior while the Services gauge plunged to 44.1 from 47.3, compared to 49.2 market forecasts. According to S&P Global, the US economy is also in trouble as the Composite PMI shrank to 45, its lowest in 27 months. Furthermore, the USfor July dropped to the lowest levels in six years, to 0.511M from 0.585M prior and 0.575M market forecasts.
Elsewhere, Bloomberg recently came out with an analysis portraying the Chinese yuan’s fall as another worry for the dragon nation. “The Chinese yuan’s slump to its weakest against the dollar in almost two years adds to what is already a precarious balancing act for Beijing, which is seeking ways to prop up its struggling economy without stoking financial instability,” said the piece.
Looking forward, a light calendar ahead of the North America session may restrict XAU/USD moves. Following that, US Durable Goods Orders for July, expected 0.6% versus 2.0% prior, will be important to watch for fresh clues. Above all, Friday’s speech by FedGold price failed to cross the monthly horizontal hurdle, not to forget the 200-SMA, despite crossing a one-week-old bearish trend channel the previous day. The following pullback also takes clues from the RSI retreat to keep sellers hopeful.
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