• Gold Price remains within a $40.00 trading range inside the key technical level envelope.
• US Dollar struggles to gain acceptance ahead of US NFP, despite upbeat early signals of employment data.
• China news, pause in yields limit prod Gold sellers amid pre-data anxiety.
• Hawkish Fed bets, risk aversion keep XAU/USD bears hopeful.

Gold Price (XAU/USD) stays on the way to posting the fourth consecutive weekly loss despite being defensive at around $1,900 of late. That said, the cautious mood ahead of the top-tier US employment and inflation clues could be linked to the XAU/USD’s latest inaction/consolidation. Also acting as a trading filter for the Gold Price are the headlines from China which fade the worries tone of late.

However, the hawkish Federal Reserve (Fed) bets and concerns about the outflow of funds from markets in China to the neighboring nations, mainly due to the fresh fears surrounding the dragon nation’s housing market. Furthermore, fears of slowing economic growth in one of the world’s biggest Gold consumers, namely China, also weigh on the XAU/USD.

It’s worth noting that concerns about the Fed’s policy pivot and physical demand from Asia allow the World Gold Council (WGC) to remain optimistic about the XAU/USD.

As a result, Friday’s US employment report for June, as well as the mid-June inflation clues, will be crucial for the Gold traders to watch.

Also read: Gold Price Forecast: XAU/USD defends $1,900 but for how long? US Nonfarm Payrolls holds the key