Gold Price Bounces Off Session Lows Amid Strong US Economic Data

The gold price rebounded on Friday after hitting session lows of about $4,021 to trade at approximately $4,053. This movement came after the latest US data release.

From a fundamental perspective, the XAU/USD traded during a relatively busy period in the US market. The Chicago Purchasing Managers' Index for July rose to 57.6, beating the forecast of 56. The Michigan Consumer Expectations Index and the Michigan Consumer Sentiment Index also exceeded their respective forecasts.

Technically, the gold price trades within a descending channel formation on both the 60-minute and daily charts. However, the 14-hour RSI has recently bounced back to recover from oversold conditions. This could indicate a potential bullish trend in the near future.