Gold prices are moving in consolidation above the $2300 price level in a narrow range Monday waiting for mixed fundamental data. Increasing speculation of a Fed rate cut lends support to the yellow metal.
Currently, the Fed's interest rate is still high at 5.25-5.50% which weighs on the rise in gold because investors tend to choose assets that provide higher yield rather than buying gold.
Today's important news that may attract investors is the ISM Manufacturing PMI and ISM Manufacturing Prices, which are the main economic indicators that the Fed also uses as a consideration for interest rate policy.
Apart from manufacturing data this week there are several other important news that also have the potential to drive the market, Fed Chair Powell Speaks, JOLTS Job Openings, ADP Non-Farm Employment Change, FOMC Meeting Minutes, Non-Farm Employment Change.
Today's gold movement since market opening is still within the price range of $2328-$2328. Prices tend to consolidate near the middle band line which is the moving average value. Bollinger bands draw a flat channel with an upper band deviation at $2364 and a lower band deviation at $2288.
On the hourly time frame, the price of gold is still within the Bollinger band range, which is somewhat narrowed, reflecting medium volatility. The price trend may still tend to be bullish referring to the MA 50 which is drawing an upward channel.
Elsewhere, an official survey showed on Sunday that China's manufacturing activity fell for a second straight month in June, and services activity slumped to a five-month low.
China is a gold importing country which can influence gold demand so that gold prices become more expensive.
Currently, the Fed's interest rate is still high at 5.25-5.50% which weighs on the rise in gold because investors tend to choose assets that provide higher yield rather than buying gold.
Today's important news that may attract investors is the ISM Manufacturing PMI and ISM Manufacturing Prices, which are the main economic indicators that the Fed also uses as a consideration for interest rate policy.
Apart from manufacturing data this week there are several other important news that also have the potential to drive the market, Fed Chair Powell Speaks, JOLTS Job Openings, ADP Non-Farm Employment Change, FOMC Meeting Minutes, Non-Farm Employment Change.
Today's gold movement since market opening is still within the price range of $2328-$2328. Prices tend to consolidate near the middle band line which is the moving average value. Bollinger bands draw a flat channel with an upper band deviation at $2364 and a lower band deviation at $2288.
On the hourly time frame, the price of gold is still within the Bollinger band range, which is somewhat narrowed, reflecting medium volatility. The price trend may still tend to be bullish referring to the MA 50 which is drawing an upward channel.
Elsewhere, an official survey showed on Sunday that China's manufacturing activity fell for a second straight month in June, and services activity slumped to a five-month low.
China is a gold importing country which can influence gold demand so that gold prices become more expensive.
