Gold Market Outlook

Even if the USD has remained robust due to encouraging US statistics and the Federal Reserve's hawkish remarks, the yellow metal has posted modest increases in the last two days and is still cautiously optimistic. The mixed geopolitical and trade concerns, as well as preparation for today's early readings of the August month Purchasing Managers Indexes for major economies, could strengthen the recovery moves.

The early March swing high of roughly $...will serve as the last line of defence for the XAU/USD purchasers in the event that the gold price breaches the indicated support line, sending the metal in the direction of the yearly low of $...

Gold buyers can aim for the $..., the 50-DMA barrier, if they successfully go up past the $... resistance confluence. Gold buyers should then be checked by a downward-sloping resistance line from early May that is at $...

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