Gold Price (XAU/USD) portrays a corrective bounce from the weekly low as it prods the four-day losing streak ahead of the key US data amid sluggish ma
Market’s consolidation amid China stimulus hopes, anxiety ahead of US data allow XAU/USD bears to take a breather.
Recently upbeat US employment and activity data defends the Fed’s “higher for longer” bias for the rates and defends the hopes of witnessing a soft landing in the US, which in turn underpins the US Dollar and weighs on the Gold Price.
That said, the Pivot Point one-day R1, Fibonacci 61.8% on one-month and 50-SMA on the hourly play restricts the immediate upside of the XAU/USD.
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