Gold Price Forecast: XAU/USD reverses sharply from weekly highs, looks vulnerable under $1,920 – by MSalordFX Gold XAUUSD Metals
After spiking to the highest level since June 23, XAU/USD turned to the downside.The price of Gold surged to $1,935/oz, reaching the highest level since June 23. However, it quickly reversed course and turned lower.The yellow metal climbed to weekly highs and then fell to daily lows in just a few minutes, losing almost $20. Volatility remains elevated, with the price struggling to hold above $1,920.
would improve for the bulls. On the contrary, if the price consolidates under $1,920, more losses seem likely. The next support area is seen around $1,910.from the US showed Factory Orders in May rose by 0.3%, below the 0.8% expected by the markets. On Thursday, key labor market data is due, including the ADP report, Jobless Claims, and JOLTS.
The minutes and the job figures will likely cause volatility across financial markets and will play a key role in shaping Fed monetary policy expectations. If markets see a more hawkish tone from the , it could send US yields higher and weigh on Gold. On the contrary, weak data could be positive for the yellow metal.
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