GOLD PRICE FORECAST: XAU/USD RETREAT NEEDS VALIDATION FROM $1,977 AND PURCHASING MANAGERS INDEXES

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Gold price (XAU/USD) stays defensive around $2,000, following the previous day’s heavy losses, the first in four day, which called for a weekly negative closing amid a corrective bounce in the United States Treasury bond yields and the US Dollar. That said, Friday’s mostly upbeat US data and hawkish Federal Reserve (Fed) talks prods the market’s interest in the XAU/USD amid receding dovish bets on the US central bank’s next move. However, this week’s preliminary readings of April’s Purchasing Managers Indexes (PMIs) from the key economies should be watched carefully for clear directions.

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