Gold Held, Awaiting US Data
Gold (XAU/USD) in the European session traded around US$3,340 per troy ounce, tending to be cautious after the pressure in the previous session. Buying interest was limited as recent, more "hot" US data (particularly the PPI) reduced the chances of a major Fed rate cut, although the market still views a 25 bps cut in September as the most likely scenario.
In terms of daily triggers, the US dollar and Treasury yields remain key: weakening of both typically supports gold, while strengthening pressures prices. As the weekend approaches, market participants are also awaiting US Retail Sales and the University of Michigan consumer sentiment data for further direction.
Key points: spot gold price around US$3,340; rally held back by expectations of a more cautious Fed; market leaning towards a 25 bps cut (not 50 bps); focus on upcoming US data; Technical areas to watch: resistance at US$3,350–3,360, support at US$3,320. Gold remains on hold, awaiting US data. (ayu)
Source: Newsmaker.id
