The precious metal was weaker on Friday after a string of economic reports from the United States came out better than expected. The University of Michigan’s consumer sentiment index rose to 96.8. This was higher than the forecasts of 95.8. Meanwhile, flash manufacturing and services PMI numbers from IHS Markit also turned higher.
XAU/USD Back at 1462 Support
Attempts to rally off the support level near 1462 fail as XAUUSD closed back at support on Friday. There is a possibility for a rebound, especially with the Stochastics oscillator currently in the oversold level.
However, if gold falls below the 1462 level, we expect to see the declines pushing the price down to the 1440 handle next.
