Spot gold recovered further on Monday after falling last week to $1,892.95 per troy ounce, its lowest level since mid-March. The US Dollar found short-term demand at the weekly open but held at familiar levels against most rivals, to head south during the US session. XAU/USD gains edged up after weaker-than-expected US (US) data released as June ISM Manufacturing PMI printed at 46, down from 46.9 previously and the lack of expectations is 47.2. Additionally, S&P Global has confirmed its Manufacturing PMI estimate for the same period of 46.3 as previously estimated.
Gold bulls have the overall near-term technical advantage with the next objective of making a close above solid resistance at $2,000 an ounce.
Conversely, the bears' next near-term downside objective is to push futures prices below solid technical support at the February low of $1,850 an ounce.
Gold bulls have the overall near-term technical advantage with the next objective of making a close above solid resistance at $2,000 an ounce.
Conversely, the bears' next near-term downside objective is to push futures prices below solid technical support at the February low of $1,850 an ounce.
