The precious metal came under pressure following a host of positive news reports on the trade front and the UK elections. Amid the noise, economic data from the US saw that retail sales rose less than expected.
But the USD managed to brush aside the data. Gold prices, for their part, managed to hold ground.
XAU/USD to Remain Directionless in the Medium Term
The precious metal is trading within the established corridor of 1483 and 1462. As long as this range is maintained, we do not expect to see any major moving coming along. The bias also remains mixed for gold at this point. There is a risk of a breakout in either direction, especially with the weekly candlestick closing bullish.
