Gold price steady as market awaits busy US weekly schedule

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Gold Berita

Fundamental Analysis,Technical Analysis,Fed

Gold prices remain virtually unchanged on Monday even though the Greenback registers minuscule gains propelled by elevated US Treasury bond yields, following a release of softer-than-expected US economic data.

Gold remains steady unaffected by rising US Dollar and Treasury yields. Mixed US manufacturing data: S&P PMI expands, ISM PMI contracts for third consecutive month. US 10-year Treasury yield climbs nearly 9 bps to 4.489%, bolstering Dollar's rebound. That, along with a shortened week in observance of Independence Day in the US and an eventful week, keeps the XAU/USD trading within familiar levels at around $2,327 flat.

Further losses lie underneath, with sellers eyeing the Head-and-Shoulders chart pattern objective from $2,170 to $2,160. On the other hand, if buyers stepped in and conquered $2,350, that would expose additional key resistance levels like the June 7 cycle high of $2,387, ahead of challenging the $2,400 figure. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange.

 

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