Gold XAUUSD Chart Technical Outlook

Gold XAUUSD Chart Technical Outlook No signs of recovery yet in. Gold XAU/USD trades dangerously close to key $1,935 support.
The US May jobs report and deb-limit news will drive the pair’s action next week.

Market participants will stay focused on fresh developments surrounding debt-limit talks. June 1st is reportedly the deadline for Republicans and the White House to reach a deal to raise the debt ceiling. As we move closer to the deadline without progress, markets could stay risk-averse. Although the USD is likely to outperform risk-sensitive currencies, stronger demand for safe-haven US government bonds could push yields lower and help XAU/USD gather bullish momentum. If an agreement is reached earlier in the week, a relief rally could trigger a USD sell-off. Nevertheless, investors are likely to wait for the data releases mentioned above before betting on a steady USD weakness.

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