Gold Price remains bearish at five-month low, lacks momentum of late.
Sustained trading below $1,900 upside hurdle, China woes underpin bearish bias about XAU/USD.
August PMIs, US Durable Goods Orders and Jackson Hole Symposium will be in the spotlight for clear directions.
Central bankers’ hesitance to welcome policy pivot can drag Gold Price further towards the south.
Gold Price (XAU/USD) remains on the back foot at the lowest level in five months as market players seek solace in the US Dollar amid uncertainty ahead of this week’s top-tier data/events. Also exerting downside pressure on the XAU/USD could be the pessimism surrounding one of the world’s biggest commodity users, namely China.
Although China announced a slew of measures to restore investor confidence, the Gold Price fails to pick up bids as concerns about the dragon nation’s economic health remain dicey. Also, looming geopolitical woes and trade war fears join the People’s Bank of China’s (PBoC) no change in five-year Loan Prime Rates (LPRs), despite cutting the one-year LPRs by 10 basis points (bps), exert downside pressure on the Gold Price. Furthermore, upbeat US Treasury bond yields and cautious mood keeps the XAU/USD sellers hopeful.
However, the indecision about the Fed Chair Jerome Powell’s monetary policy bias and the market’s wait for this week’s August month Purchasing Managers Indexes (PMIs), US Durable Goods Orders and the top-tier central bankers’ speeches at the annual Jackson Hole Symposium event puts a floor under the Gold Price
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