XAU/USD Price Update: Gold Extends Recovery to $2,431.87 Amid Risk-Averse Markets
- Market Sentiment Turns Risk-Averse on Poor Earnings Reports and Upcoming US Data
- US GDP Expected to Grow by 1.9% in Q2
- Gold Maintains Positive Tone Despite Lack of Near-Term Momentum
XAU/USD is currently trading around $2,420, with a recent high of $2,431.87 during the American session. The US Dollar weakened after the release of the US Purchasing Managers Index (PMI), which showed positive business activity in the private sector. Despite this, demand for safe-haven assets like Gold remained strong as Wall Street faced selling pressure due to disappointing earnings reports.
This week, the US will release key economic data including the Q2 GDP, which is expected to grow by 1.9%. This data, along with other reports, will impact the stock market and the USD. Technical analysis shows that XAU/USD is currently in an uptrend, with key support and resistance levels to watch.
XAU/USD Technical Analysis
On the daily chart, XAU/USD has extended its recovery above the 38.2% Fibonacci retracement level. Technical indicators suggest a bullish trend, with moving averages supporting the uptrend. In the short term, the risk is skewed to the upside, with support levels at $2,411.25 and $2,389.30, and resistance levels at $2,425.70 and $2,439.90.
Overall, Gold remains a safe-haven asset amid market uncertainty, with key economic data and earnings reports shaping future market movements.