Gold Price (XAU/USD) remains on the back foot at the lowest level in three weeks despite recent consolidation. In doing so, the precious metal prints a three-day losing streak amid a firmer US Dollar and risk-off mood. It’s worth mentioning that the fears of the US default joined strong US ADP Employment Change to propel the US Dollar and drown the XAU/USD the previous day.
However, the policymakers’ defense of the US Treasury bonds and hopes of witnessing upbeat US economic growth prod the Gold sellers ahead of the mid-tier US data surrounding employment and activities for July. That said, US ISM Services PMI for July and the second quarter readings of Nonfarm Productivity and Unit Labor Costs gain major attention while determining Friday’s US Nonfarm Payrolls (NFP) and the US Dollar moves.
Elsewhere, China’s upbeat Caixin Manufacturing PMI also puts a floor under the XAU/USD price and hence needs strong negatives from Beijing to keep the Gold bears hopeful
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