💰 $XAUUSD attempts a bounce after failing above $1,930 ❌ Gold fails to confirm a bullish wedge as RSI stays bearish ⌛ Traders await US ADP and JOLTS job openings for fresh incentives Full forecast ⏩ Forex Commodities
release. The benchmark 10-year US Treasury bond yields rallied to fresh four-month highs above 3.95%, adding to the weight on the non-interest-bearing Gold price. The bright metal settled near daily lows of $1,915.
The US docket will kickstart with the ADP Employment Change, followed by the JOLTS Job Openings, Jobless Claims and the ISM Services PMI data. Softening of labor market conditions in the US could raise concerns about the Fed’s view on further rate increases, which could boost the Gold price at the expense of the US Dollar and the US Treasury bond yields.
Last week’s Bear Cross remains in play while the 14-day Strength Index lurks below the midline, keeping Gold sellers in control. On the downside, the immediate support awaits at Monday’s low of $1,910, below which the $1,900 key level will be tested. The next cushion is envisioned at the three-month low of $1,893.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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