XAUUSD
The Gold Price has reached a two-week high, much to the delight of bullish investors who are optimistic about the early end of hawkish monetary policies. The negative activity data serves as a reminder of the obstacles faced by those advocating for "higher for longer" rates.
However, this only adds fuel to XAU/USD as market sentiment remains positive.
Despite some cautiousness in anticipation of key central bankers' speeches, there is an additional boost from China-linked optimism that is contributing to the rebound in Gold Price.
With recent PMI posing challenges for hawks, the upcoming Jackson Hole Symposium gains even more significance.
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Worries of a deeper global recession could provide some support for the precious metal as a safe-haven and help limit the downside, at least for now.
