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Gold Price struggles to extend two-week uptrend


Gold Price (XAU/USD) prints mild losses around $1,953 as it extends Friday’s retreat from the short-term key resistance line amid the early hours of Monday’s Asian session. In doing so, the XAU/USD consolidates the biggest weekly gain since early April amid the Federal Reserve (Fed) blackout ahead of late July’s monetary policy meeting. Also allowing the Gold buyers to take a breather are the weekend headlines surrounding China, the latest data from the United States and cautious mood ahead of top-tier statistics from Beijing.


Gold Price rallied heavily the last week after the US inflation clues flagged concerns about the Federal Reserve’s (Fed) end of the rate hike cycle and drowned the US Dollar. However, Friday’s upbeat US data and the recently mixed headlines about the US-China ties join anxiety ahead of China’s second quarter (Q2) 2023 Gross Domestic Product (GDP) data to prod the XAU/USD bulls.



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