Gold Price jostles with support-turned-resistance after posting the first weekly loss in four.
US Dollar recovery appears elusive amid mixed United States data, latest headlines from China, Fed teases XAU/USD rebound.
Expectations of China stimulus, challenges for restrictive monetary policies underpin bullish bias for the Gold Price.
US Nonfarm Payrolls, ISM PMIs for July eyed for clear directions.
Gold Price (XAU/USD) holds onto Friday’s recovery from more than a two-week low while picking up bids to $1,960 amid early hours of Asian morning on Monday. In doing so, the XAU/USD justifies Friday’s downbeat US inflation clues and justifies weekend headlines from China, as well as dovish comments from Federal Reserve (Fed) Bank of Minneapolis President Neel Kashkari. That said, the XAU/USD marked the first weekly loss in four after the US Dollar cheered upbeat United States growth data, as well as the Fed’s readiness for September rate hike.
Gold Price edges higher as China, Fed news appear positive
Gold Price lick its wounds after snapping three-week uptrend as weekend headlines from China and comments from Federal Reserve Bank of Minneapolis President Neel Kashkari prod the US Dollar bulls and allow the market sentiment to remain firmer.
That said, China's State Council Information Office conveyed a surprise press conference by Vice Chairman of the National Development and Reform Commission Li Chunlin and officials from the Ministry of Industry and Information Technology, the Ministry of Commerce and the State Administration for Market Regulation to unveil more measures to boost the consumption per Bloomberg.
On the other hand, Federal Reserve Bank of Minneapolis President Neel Kashkari flagged fears of job losses and slower growth while praising the inflation outlook. The policymaker also criticized the central bank’s aggressive monetary tightening campaign to tamp down price surges.
Considering China’s status as one of the world’s biggest Gold consumers and the Federal Reserve’s (Fed) indecision about the future rate hikes, the latest headlines put a floor under the XAU/USD price, at least for the short-term.
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