While the aforementioned catalysts are likely to keep exerting downside pressure on the Gold Price, traders will be more concerned with additional clues for the US inflation to confirm the Fed’s victory against inflation and activate the XAU/USD rebound.
As a result, the US Producer Price Index (PPI) for July will precede the first readings of the University of Michigan’s (UoM) Consumer Sentiment Index (CSI) for August to direct intraday Gold Price moves. Also important will be the UoM 5-Year Consumer Inflation Expectations for the said month. Above all, the central bank updates and China news will be crucial to determine the pair’s further direction.
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