Gold edged higher in late trading on Monday even as the USD also rose marginally, boosted by higher US Treasury bond yields following the release of softer-than-expected US economic data.
This week the market will experience a limited day in conjunction with the celebration of Independence Day in the US and a challenging week with the release of some important economic data that can have an impact on the value position of currencies and commodities.
Meanwhile, the price of gold is now at $2,331.73, which has remained since it opened at the beginning of the Asian trading session this morning, despite experiencing an insignificant strengthening movement.
The US economy revealed somewhat mixed business activity figures ahead of manufacturing. The S&P Global Manufacturing PMI was in expansionary sentiment opposite the ISM report which contracted for the third month in a row.
For now, market participants will examine Fed President Jerome Powell's speech on Tuesday followed by the minutes of the FOMC meeting on Wednesday.
Additionally, the US economic schedule will also feature Services PMI data from S&P and ISM followed by the US Non-Farm Payroll report on Friday.
From a technical point of view, the price of gold remains high above the $2,320 level and it is still stable below $2,350.
Although the bearish chart pattern remains in the graph since May, neutral sentiment is seen to remain dominating the price movement and providing buying support for now.
The market placed a support line at the $2,300 position followed by the May 3 low at $2,277. Next at the March 21 high at $2,222 to $2,160.
If there is a reversal, the market sets a resistance area above $2,350 followed by the June 7 cycle highs at $2,387 and $2,400.
