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Gold price pauses two-day recovery confluence as market awaits US PMI data

Gold Price (XAU/USD) pauses two-day recovery from the key moving average confluence as market players await the United States manufacturing activity data for July on early Tuesday in Asia.

That said, the latest Federal Reserve (Fed) Bank Loan Survey showed grim outcomes and joined China news to allow the US Dollar to remain firmer, which in turn prod the Gold Price run-up beneath the key $1,985 hurdle, close to $1,965 by the press time. It’s worth noting that the risk-on mood allowed XAU/USD to remain firmer in the last two consecutive days.

Gold Price fades the two-day recovery moves amid recent grind headlines from China, as well as a downbeat Federal Reserve (Fed) Bank Loan Survey. That said, China's Commerce Ministry renews the Sino-US trade war fears by announcing measures to limit exports of some drones and drone-related equipment, starting from September 01, by citing the “national security and interests” It’s worth noting that China is a major global drone exporter and caters to various top-tier economies in that matter, including the US. As per the previous announcements from the US policymakers, China’s DJI provided more than 50% of the drones sold in the US, used mostly for public safety.

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