Gold Price eyes new multi-week lows as key support fails By eren_fxstreet Gold Metals Technical Analysis Commodities
Focus shifts to US data
Investors await the May ISM Manufacturing PMI. The US economic docket will feature April Construction Spending and JOLTS Job Openings data as well. Finally, the US Federal Reserve will release its Beige Book. In case the 10-year US T-bond yield manages to build on its weekly gains and push toward 3%, gold could find it difficult to attract buyers. It's also worth noting that the Federal Reserve Bank of St.
into a range that could restrict growth if inflation were not moving down significantly at that point. In turn, the benchmark 10-year US T-bond yield is already up more than 4% this week, forcing gold to lose interest. US Dollar Index , which closed the previous two weeks in negative territory, is already up 0.8% since Monday above 102.00. The ISM manufacturing PMI survey's Prices Paid component is forecast to rise to 86.2 in May from 84.6 in April. A stronger-than-expected increase in input prices could dampen hopes of a steady decline in inflation and allow the dollar to continue to gather strength. In such a scenario, XAUUSD could extend its weekly slide.
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