XAUUSD : Continued pressure after strong US PMI report
Updated
Gold prices extended their decline after the PMI report exceeded estimates and the Fed is not yet ready to start the policy easing process.
During the February 5 session, gold prices fluctuated strongly, rising to $2,039 but then falling sharply to $2,015 after US PMI data increased beyond estimates, showing the resilience and stability of the US labor market. Traders will closely monitor developments in the Middle East to determine the direction of the precious metal this week. Gold is currently recovering to $2,027.
Along with geopolitical tensions, speeches from Fed officials next week will help the market better understand the central bank's upcoming moves, which could create volatility for gold.
During the February 5 session, gold prices fluctuated strongly, rising to $2,039 but then falling sharply to $2,015 after US PMI data increased beyond estimates, showing the resilience and stability of the US labor market. Traders will closely monitor developments in the Middle East to determine the direction of the precious metal this week. Gold is currently recovering to $2,027.
Along with geopolitical tensions, speeches from Fed officials next week will help the market better understand the central bank's upcoming moves, which could create volatility for gold.
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