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Gold price\u00a0advances late on Monday even though the Greenback registers minuscule gains propelled by elevated US Treasury bond yields, following a release of softer-than-expected US economic data<\/a>. That, along with a shortened week in observance of Independence Day in the US and an eventful week, keeps the XAU\/USD trading within familiar levels near\u00a0$2,331, up\u00a00.23%.<\/p>\n The US economy revealed business activity figures on the manufacturing front\u00a0with mixed readings. The S&P Global Manufacturing PMI stood in\u00a0expansionary territory, contrary to the ISM one, which contracted for the third straight month in June.<\/p>\n Market participants remained cautious, with US equity indices performing mixed in the mid-North American session. Meanwhile, the US 10-year Treasury yield rose almost nine basis points to 4.489%, lending a lifeline to the Greenback, down 0.33% earlier in the day before staging a comeback, gaining 0.09%.<\/p>\n Traders are eyeing the Federal Reserve<\/a>\u00a0(Fed) Chairman Jerome Powell’s speech on Tuesday, followed by the Fed\u2019s latest monetary policy minutes on Wednesday. After that, the US economic schedule will feature Services PMIs from S&P and the ISM, followed by Friday\u2019s US Nonfarm Payrolls<\/a>.<\/p>\n Gold price<\/a> remains upwardly biased, though it is consolidating\u00a0near the Head-and-Shoulders neckline from\u00a0$2,320 to $2,350. Although the bearish chart pattern remains in play, momentum has shifted neutral, with the Relative Strength Index (RSI) braced\u00a0to its 50-neutral line, hinting that neither buyers nor sellers are in control.<\/p>\n For a bearish continuation, sellers need to push prices below $2,300. Once done, the next support would be the May 3 low of $2,277, followed by the March 21 high of $2,222. Further losses lie underneath, with sellers eyeing the Head-and-Shoulders chart pattern objective from $2,170 to $2,160.<\/p>\n On the other hand, if buyers stepped in and conquered $2,350, that would expose additional key resistance levels like the June 7 cycle high of $2,387, ahead of challenging the $2,400 figure.<\/p>\nDaily digest market movers: Gold price prints minimal gains\u00a0post-PMIs<\/h2>\n
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Technical analysis: Gold price hovers around Head-and-Shoulders neckline<\/h2>\n