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Gold slips after buyers fail to clear $4,700
XAU/USD last traded around $4,641, down 0.2%, as housing data and hawkish Fed rhetoric competed with hopes for easing US-Iran tensions.
Gold is pulling back as momentum stalls, with buyers unable to push XAU/USD through the $4,700 resistance level. FXStreet said the move follows a retracement below a key psychological level, with the metal consolidating and the Relative Strength Index turning down from overbought conditions.
The report also pointed to mixed US data as traders weighed whether rates will stay higher for longer. US Building Permits for July rose 4.3% to 1.433 million, while the ADP Employment Change 4-week average increased to 11.75K from 9.5K, and Conference Board Consumer Confidence came in at 90.2.
Geopolitics remained a factor, with news from the Middle East feeding expectations that the US-Iran conflict could cool. FXStreet cited reports that two US officials confirmed President Trump’s announcement that the US Navy cleared a traffic separation scheme in the Strait of Hormuz, a development that weighed on haven demand.
Markets also look ahead to the next round of US macro releases, including the Core PCE Price Index, Durable Goods Orders, GDP, and Initial Jobless Claims, alongside a speech at Jackson Hole by the new Fed chair Kevin Warsh. FXStreet noted money-market odds still center on a limited chance of a September rate hike.
Latest closeGold $4,432.00 ▲1.6%