Gold Price Weekly Forecast: $XAUUSD holds above key support ahead of NFP Read More!▶️ Commodities Forex
XAU/USD technical outlook suggests that sellers retain control despite latest rebound.extended its downtrend this week and touched $1,893, its lowest level since March, before erasing a portion of its weekly losses on Friday. ISM PMI surveys and June jobs report from the US could drive XAU/USD’s action next week but the technical outlook suggests that the bearish bias is likely to stay intact in the near term.
The BEA reported on Friday that the Personal Consumption Expenditures Price Index declined to 3.8% on a yearly basis in May from 4.3%. The CorePrice Index, the Fed's preferred gauge of inflation, edged lower to 4.6% from 4.7% in the same period. These readings made it difficult for the USD to hold its ground and allowed XAU/USD to edge higher ahead of the weekend.The ISM will release the Manufacturing PMI report for June on Monday.
Fed policymakers acknowledged recently that there is some softening in the labor market. Powell, however, noted at theevent that there are still around 1.7 job openings for every unemployed person in the US, highlighting a persisting imbalance between labor supply and demand.
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