Gold (XAU/USD) is trading at $2,632.27 and is facing bearish pressure after failing to break the resistance at $2,662.26. Immediate support is at $2,612.14, with stronger support at $2,583.80. The 50 EMA of $2,632.77 acts as short-term resistance, while the 200 EMA of $2,641.67 offers broader upside potential. Bulls need to rise above $2,642.17 to regain momentum, while the descending trendline maintains downward pressure.
Pound sterling weakens amid disappointing UK data
The British pound (GBP) faced headwinds on Friday as economic data fell short of expectations. The M4 money supply stagnated at 0.0% (forecast: 0.1%), while mortgage approvals fell to 66,000, missing the 69,000 forecast. Net retail lending also fell to £3.4 billion, below the expected £4.4 billion.
Looking ahead, the Final Services PMI (forecast: 51.4) on Monday will be closely watched to assess the resilience of the services sector and its impact on the British pound.