The current price of XAU/USD is $1,998.69. Mixed economic data from the United States has put pressure on the US Dollar, leading to a rise in the price of gold. However, XAU/USD has struggled to maintain its positive momentum and is finding it difficult to stay above the $2,000 mark.
The release of US economic data showed that Retail Sales were down 0.8% in January, Initial Jobless Claims rose 212K, the NY Empire State Manufacturing Index improved, and the Philadelphia Fed Manufacturing Survey also showed improvement. These mixed figures have affected government bond yields, with the 10-year Treasury notes recovering but still trading down on the day.
From a technical perspective, XAU/USD is showing signs of holding onto its gains but lacks the momentum to extend them. The daily chart indicates that the pair met intraday buyers at the 100 Simple Moving Average and is currently trading above it. However, the technical indicators suggest tepid buying interest. The 4-hour chart also suggests that the pair may ease from the current price zone, with the 100 and 200 SMAs offering bearish slopes.
It is important to note that the price of gold is highly influenced by US economic data and the strength of the US Dollar. Investors and traders should closely monitor US economic indicators and the movement of the US Dollar to make informed decisions when trading XAU/USD. Additionally, geopolitical tensions, inflation concerns, and global economic trends can also impact the price of gold.
