XAU/USD trades in the $2,420 region, extending its recent recovery to $2,431.87 early in the American session.
XAU/USD Current price: $2,419.07 Markets turned risk-averse on dismal earnings reports and ahead of US first-tier data. The United States Gross Domestic Product is foreseen at 1.9% in Q2. XAU/USD maintains a positive tone but lacks near-term momentum. The US Dollar shed ground following the release of the United States Purchasing Managers Index .
Alongside GDP data, the US will revise the quarterly Personal Consumption Expenditures Price Index, the Federal Reserve's favourite inflation gauge. The country will also publish June Durable Goods Orders and the usual weekly unemployment figures. XAU/USD short-term technical outlook From a technical point of view, the daily chart for XAU/USD shows the pair extended its recovery, above the 38.2% Fibonacci retracement of the $2,293.54/$2,483.68 rally at $2,411.25.
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