. While trading the main catalysts, the market’s expectations of witnessing the Federal Reserve’s rate hike pause in June gain major attention. Adding strength to the XAU/USD upside is the passage of the US debt-ceiling deal through the House of Representatives and the mixed US data. Furthermore, upbeat China PMI also favored the Gold buyers.
On Thursday, US ADP Employment Change eased to 278K in May from 291K prior but crossed the 170K market forecasts. On the same line, the weekly Initial Jobless Claims rose past 230K prior to 232K, versus 235K expected. Further, US ISM Manufacturing PMI eased to 46.9 in May compared to 47.0 anticipated and 47.1 previous readings whereas S&P Global Manufacturing PMI softened to 48.4 from 48.5 prior.
Not only the U-turn from the key support line and DMA but a clear upside break of the previously important resistance line stretched from early May also keeps the XAU/USD buyers hopeful. That said, the 50-DMA breakout needs validation from the $2,000 round figure before approaching multiple resistances near $2,050.
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