XAUUSD: Gold message surface analysis

International gold prices continued to come under pressure as the dollar continued to rise after a strong U.S. payrolls report for May outweighed support from expectations of a pause in Federal Reserve interest rate hikes this month. After the seventh consecutive contraction in U.S. factory activity, investors turned their attention to U.S. ISM services PMI data due later in the day.

Us services are doing much better than manufacturing. If the retreat in precious metals was a direct result of the May non-farm data reinforcing expectations of a Fed rate hike in July, some of the pressure on gold's weakness is fundamental. Money markets continue to support a pause in Fed rate hikes, with comments from Fed vice chair nominee Jefferson, so this could limit the downside for gold, even if it loses some safe-haven flows due to the debt ceiling issue, the question now is whether gold will break support at $1,934, putting $1,900 in focus

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Gold is now retracting to 1943, waiting for selling opportunities to come in again

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Short timing

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