Gold Price Forecast: XAU/USD rebound fades below $1,985 resistance as United States PMI loom – by anilpanchal7 Gold XAUUSD Fed PMI NFP
ata for July on early Tuesday in Asia. That said, the latest Federal Reserve Bank Loan Survey showed grim outcomes and joined Chinato allow the US Dollar to remain firmer, which in turn prod the Gold Price run-up beneath the key $1,985 hurdle, close to $1,965 by the press time. It’s worth noting that the risk-on mood allowed XAU/USD to remain firmer in the last two consecutive days.
Additionally, the market’s cautious mood ahead of the US ISM Manufacturing PMI, as well as final prints of July’s S&P Global PMIs also challenges the previously firmer China State Council unveiled a slew of stimulus measures to conserve and boost consumption, which in turn fuelled the market’s risk-on mood during early Monday. Adding to that was the improvement in China's official PMI. That said, China’s official NBS Manufacturing PMI edges higher to 49.3 versus 49.2 expected and 49.0 prior but the Non-Manufacturing PMI eases to 51.5 from 53.2 prior.
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