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The mild negative bias from yesterday continued into the European session on Wednesday after extending its overnight correction slide from its two-week highs. The bearishness was induced by a combination of factors.
A better-than-expected US ISM Manufacturing PMI data released on Tuesday rescued the US dollar (DXY) from its recent bearish journey, which in turn weighed heavily on the dollar-denominated commodity.
The dollar index was further strengthened by a decent pickup in the US Treasury bond yields. This, coupled with the growing risk appetite thwarted demand for the precious metal. However, plans by the Fed to keep interest rates lower for longer helped the non-yielding commodity from increased decline.
Gold’s price has now fallen closer to its weekly low which makes it advisable to wait for more downside extension before placing aggressive bets.
Moving on, market participants will be looking at the US economic docket today—which features the US ADP report—for clues. Meanwhile, the market’s focus remains on the incoming NFP data release scheduled for Friday.
Gold (XAU) Value Forecast — September 2
XAU/USD Major Bias: Sideways
Supply Levels: $1977, $1983, and $2000
Demand Levels: $1940, $1923, and $1909
Gold has fallen back into our $1983 – $1960 pivot zone after it failed to take the $2000 yesterday when it recorded a high of $1992. The commodity looks like it is going to make another attempt at the $2000 target but might fail to break out of the current pivot zone as a result of the prevailing global risk sentiment.
That said, XAU/USD will likely remain in a consolidation range in the coming days with the $1940 support being a key level that could trigger a sell-off.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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