Gold Spot / U.S. Dollar
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Latest Gold Price Update

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đź‘‹Hello, what do you think about the trend of XAUUSD ?

In the previous sessions, gold regained momentum, and at the time of writing, the precious metal is still trying to maintain its recovery, trading around 3337 USD.

Gold's recent recovery was marked by key economic news, including the PMI and the jobless claims data from the U.S.

Specifically, U.S. economic data showed mixed results, with initial jobless claims higher than expected at 235,000, signaling weakness in the labor market, which could push gold prices higher.

The preliminary PMI for manufacturing came in at 53.3, higher than the previous 49.8 and surpassing the forecast of 49.7, indicating expansion in the manufacturing sector. However, its long-term effects remain to be seen.

The Flash Services PMI came in at 55.4, higher than the forecast of 54.2 but lower than the previous 55.7, indicating growth in services but not as robust.

Overall, while the manufacturing and services sectors show recovery, the weak unemployment data continues to raise concerns about the economy, and gold is seizing the opportunity.

Technically, gold successfully broke through the downward trendline and formed a high at 3350 USD before adjusting. Two new support levels have formed, playing a crucial role for XAUUSD at this point. If the positive momentum continues, resistance targets at 3350 - 3357 and 3370 USD are key levels to watch.

Looking ahead: Another significant event to watch is Fed Chairman's speech at Jackson Hole today. His comments on future interest rates will decide the next move for both gold and the U.S. dollar. Stay alert!

Do you think gold can maintain above the two support levels until the end of the session? Leave your thoughts below 👇
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