GOLD Price Struggles amid Absence of Fed Talks and Major Data

7 jun 2023

Gold Price (XAU/USD) struggles to maintain its bullish momentum as it retreats from its intraday high, signaling a bearish tilt for the precious metal in the second consecutive week. The sluggish performance of the US Dollar, coupled with an unimpressive market environment and mixed data from China, weighs on XAU/USD traders.

Multiple hurdles hinder the prospects for gold buyers, particularly around the $1,970 level, as yields trickle lower. Despite the slight advantage held by gold bulls, the lack of clear direction in the market is evident, with the absence of Federal Reserve (Fed) discussions and a dearth of significant upcoming economic data.

Furthermore, the conflicting signals arising from upbeat China PMI data and mixed foreign trade figures add to the uncertainty surrounding gold. Additionally, the recent increase in the US Treasury's bond issuance and cautious optimism surrounding China's economic outlook further challenge the bullish sentiment for gold. With no expectations of a rate hike from the June FOMC meeting, gold bulls face an uphill battle to maintain their position in the market.

7 jun 2023

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