Gold sharply reverses from weekly highs ahead of FOMC minutes

Gold is suffering from a volatile session for metals as the US dollar performs steadily. After spiking to the highest level since June 23, XAU/USD turned to the downside. Gold is losing momentum, and the reversal could expose $1,900. At the time of writing, the precious metal is trading at $1922.79 per ounce.


The price of Gold surged to $1,935, reaching the highest level since June 23. However, it quickly reversed course and turned lower. XAU/USD dropped to $1,919, hitting a fresh daily low.

The yellow metal climbed to weekly highs and then fell to daily lows in just a few minutes, losing almost $20. Volatility remains elevated, with the price struggling to hold above $1,920. If the price manages to remain above $1,930, the outlook would improve for the bulls.

Economic data from the US showed Factory Orders in May rose by 0.3%, below the 0.8% expected by the markets. On Thursday, key labor market data is due, including the ADP report, Jobless Claims, and JOLTS. On Friday, it will be the turn of the Nonfarm Payroll report.