GOLD Price Struggles to Recover as Investors Await Key Data Even

The Gold Price (XAU/USD) is facing challenges in extending its corrective rebound from a three-month low reached last week, as market participants remain cautious and await significant data events. The XAU/USD is also influenced by mixed concerns surrounding US Treasury Secretary Janet Yellen's visit to China and the potential timing of rate hikes by the Federal Reserve (Fed) in July and beyond.

It is worth noting that the recent US economic indicators contribute to the trading sentiment around gold. The easy prints of the US Personal Consumption Expenditure (PCE) Price Index for May, along with softer outcomes from previously released US spending surveys, have fueled discussions within the Fed about the possibility of two more rate hikes in 2023.

Furthermore, the positive performance of equities has diverted funds away from gold and towards shares, resulting in limited movement in the Gold Price.

Adding to the cautious mood in the market, investors are eagerly anticipating the release of the Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes and the US jobs report for June later this week, which are expected to have a significant impact on gold's momentum.

For the day, market participants will closely monitor the US ISM Manufacturing Purchasing Managers' Index (PMI), as it carries importance in shaping the trading landscape for gold.

Technical Analysis :

Price may Grow to 2035.000 after Pullback from 61.8% Fibonacci retracement.

Short positions below 1970.00 with targets at 1855.00 in extension.