Gold Price (XAU/USD) portrays a corrective bounce from one-week low to $1,918 amid the initial hours of Thursday’s Asian session, after declining in t
XAU/USD bears the burden of strong US Dollar, China woes.
On Wednesday, US ISM Services PMI rose to a six-month high of 54.5 in August versus 52.5 expected and 52.7 prior. Further, the final readings of the S&P Global Composite and Services PMIs eased to 50.2 and 50.5 for the said month compared to the initial estimations of 50.4 and 51.0 in that order.
While the US data and the Fed signals suggest brighter odds of the soft landing in the US and favored the US Dollar, as well as weakened the XAU/USD, economic fears surrounding China, the Late on Tuesday, US Commerce Secretary Gina Raimondo ruled out expectations of witnessing any revisions to US tariffs on China imposed during President Donald Trump's administration until an ongoing review is completed by the US Trade Representative's Office, reported Reuters while citing the CNBC interview of the diplomat.
It’s worth noting, however, that the Relative Strength Index line, placed at 14, is in the oversold territory, which in turn highlights the 100-SMA support of around $1,917 as a short-term key challenge for the XAU/USD sellers.
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