fxstreet.com 01 Feb, 2021 08:00 am

XAU/USD looks to capitalize on safe-haven flows amid Wall Street chaos

XAU/USD looks to capitalize on safe-haven flows amid Wall Street chaos
After gaining more than 1% in the previous week, the XAU/USD pair struggled to preserve its bullish momentum and edged lower during the first half of

On Monday, the disappointing IFO sentiment data from Germany weighed on the market sentiment and allowed the greenback to start the week on a firm footing.At the start of the week, the Manufacturing PMI data from China, Germany and the US will be looked upon for fresh impetus.Finally, the last data releases of the week from the US revealed that Personal Income increased by 0.Despite the short-term impact of those key data releases on risk perception and the USD’s market valuation, the chaos in Wall Street became the primary driver of financial markets throughout the week.

On a positive note, the weekly Initial Jobless Claims declined by 67,000 to 847,000 in the week ending January 23.On Thursday, several brokers, which were used to purchase those shares, restricted trading and Wall Street's main indexes closed higher amid a relief rally.

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