XAU / USD trend forecast January 6, 2025
Gold prices (XAU/USD) remain under pressure near $2,640 in early Monday trading, weighed down by the strengthened US Dollar (USD) following robust US ISM Manufacturing PMI data. Investors now turn their attention to the US labor market report for December, due Friday, for fresh directional cues.
The Institute for Supply Management (ISM) reported on Friday that US Manufacturing PMI improved to 49.3 in December, surpassing both the previous reading of 48.4 and market expectations. This stronger-than-anticipated data supported the Greenback, putting additional downward pressure on the USD-denominated Gold price.
Gold price adjusted back to breakout zone 2635, waiting for reaction, gold price at the beginning of the week liquidity will not be much
/// BUY XAU : zone 2636-2633
SL: 2628
TP: 50 - 150 - 300pips (2663)
Safe and profitable trading