Gold (XAU/USD) is trading at $2,633.83, up 0.36%, showing steady buying interest. Immediate resistance is at $2,652.90, with support at $2,628.47. Gold remains above its 50 EMA of $2,620.80, indicating bullish momentum, but testing the 200 EMA at $2,632.78 could limit gains. A sustained break above $2,652.90 could extend the rally, while a decline below $2,628.47 could turn sentiment bearish. Traders should keep an eye on $2,628 for directionality.
Sterling remains stable while the manufacturing PMI is in line with forecast
The British Pound (GBP) was steady while the Nationwide HPI m/m rose 0.7%, higher than the forecast of 0.1% but below the previous 1.2%. Meanwhile, the Final Manufacturing PMI met expectations at 47.3, reflecting ongoing sector challenges.
The mixed data points to limited upside momentum for the pound as investors look to upcoming economic indicators to assess the broader recovery path for the UK economy.