XAU/USD came under selling pressure after Wall Street’s opening and trades near an intraday low of $2,309.84.
XAU/USD Current price: $2,315.65 A better market mood after Wall Street’s opening weighed on Gold demand. The United States will release interesting macroeconomic data on Tuesday. XAU/USD may extend its slide towards a critical support level at $2,286.70. The US Dollar was generally stronger throughout the Asian and European sessions as caution prevailed. China released mixed data at the beginning of the day, as May Industrial Production rose by 5.
Investors will now focus on Retail Sales, as the United States will release May data on Tuesday. Sales are expected to have increased by a modest 0.2% in the month, improving from the previous 0% reading. The country will also release Industrial Production and Capacity Utilization for the same month. XAU/USD short-term technical outlook The daily chart for XAU/USD shows a bearish 20 Simple Moving Average that keeps attracting selling interest, providing dynamic resistance at around $2,340.
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