GOLD 3/8 : Today's PMI forecast
Gold prices edged higher in the Asian session on Thursday and partially reversed the previous day's decline to the $1933-$1932 region, or three-week lows. XAU/USD is now trading with a slight positive bias around the $1,937-$1.938 region, up nearly 0.20% on the day, though any meaningful upside move seems to remain elusive.
The US Dollar (USD) entered a bullish consolidation phase and saw bearish/range-bound price action near its highest since July 7. This, in turn, was seen as a factor. The main support for Gold priced in US dollars. Meanwhile, the downside for the USD remains mitigated following firm expectations that the Federal Reserve (Fed) will keep interest rates higher for longer.
The US Dollar (USD) entered a bullish consolidation phase and saw bearish/range-bound price action near its highest since July 7. This, in turn, was seen as a factor. The main support for Gold priced in US dollars. Meanwhile, the downside for the USD remains mitigated following firm expectations that the Federal Reserve (Fed) will keep interest rates higher for longer.
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