Gold Prices Stagnant Above $4,000 Amid Easing Tensions

The price of gold, as represented by XAU/USD, remains depressed above $4,000. This comes despite the easing of Middle East tensions, which caused oil prices to edge lower. The barrel of West Texas Intermediate (WTI) is currently hovering around $78, down from last week's close at roughly $85.

The US Dollar (USD) initially slid due to the easing tensions but changed course later in the day and turned positive across the FX board. This shift was partly driven by the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI), which rose to 55.6 in July from 53.3 in June, beating expectations of 54.

The US will publish several labor-related figures this week, including JOLTS Job Openings and the ADP Employment Change survey, ahead of the July Nonfarm Payrolls (NFP) report scheduled for Friday. The technical analysis suggests that gold remains below its moving averages, with bears retaining the initiative.