Gold Price Bounces Off Session Lows Amid Mixed US Economic Data

The gold price experienced a slight rebound on Friday after hitting session lows around $4,019. The XAU/USD traded at about $4,055, despite still being below its 100-hour moving average line.

From a fundamental perspective, the preliminary S&P Global Manufacturing PMI for July missed expectations with a reading of 53.8, down from June's equivalent of 53.9. However, the preliminary S&P Global Services PMI for the month beat forecasts with a reading of 53.6, up from 51.2 in June.

On Thursday, US initial jobless claims came in better than expected at 187k versus a forecast of 212k, down from the previous week's claim count of 209k. Continuing claims for the preceding four weeks also fell to 1.796 million, down from 1.798 million.

Technically, the gold price trades within an ascending channel formation on the 60-minute chart. The bulls will look to extend the current rebound towards $4,219 or higher to $4,383 if the RSI avoids falling into oversold conditions.