XAUUSD 24/7 : Gold ALieeuj recovers as expected
Gold prices have fallen for the past three days, reversing from multi-week highs, as the US Dollar corrects its recovery from its lowest since early 2022. However, the greenback's bulls are less convinced by top US data and the Federal Reserve's (Fed) monetary policy, which in turn allows the bulls to pause on XAU/USD.
In the last week, the US housing numbers and manufacturing indexes in the region mostly fell but the improvement in the Retail Sales Control Group for June allowed the US Dollar Index (DXY) to recover from a 15-month low, as well as record its first weekly gain in three weeks. That said, the greenback's gauge against six major currencies hovers around 101.00 amid a slow start to an important week.
In the last week, the US housing numbers and manufacturing indexes in the region mostly fell but the improvement in the Retail Sales Control Group for June allowed the US Dollar Index (DXY) to recover from a 15-month low, as well as record its first weekly gain in three weeks. That said, the greenback's gauge against six major currencies hovers around 101.00 amid a slow start to an important week.
Comment:
Gold price (XAU/USD) remains over-defensive at $1.960-1965 as bulls and bears jostle in the early hours of a pivotal week that includes a string of top data/events, stabilizing after a three-day downtrend. That said, XAU/USD has fallen for the past three days in a row as the US Dollar appreciates noticeably. However, the market's risk-on and cautious sentiment ahead of this week's A-list events have put gold prices at a floor.
