GemForex | Gold

Gold price (XAU/USD) is displaying volatility contraction as investors are awaiting the release of the US Purchase Managers Index (PMI) data, which is due in the New York session.

On an hourly scale, XAUUSD prices have displayed a failed attempt to continue the downward trendline placed from the June 16 high at $1,857.58. 

The precious metal is trading inside the previous days range, in the boundary of $1,823.45-1,847.93. Dictating that the market participants are awaiting a potential trigger for a decisive move.

On the economic data front, the market participants are expecting a mixed performance from the PMI figures. The Manufacturing PMI is expected to slip to 56 from the prior print of 57. While the Services PMI may advance marginally to 53.5 from the former figure of 53.4.