Gold Prices Fluctuate Amidst US Economic Data and Shifting Interest Rate Expectations

Gold prices have failed to recover from their May highs due to the recent upswing in US interest rates, which may prompt the Fed to continue hiking rates during the second half of the year. The strong US jobs data suggests that the economy is holding up well, despite the Fed's tightening campaign. Gold's outlook is turning more bearish from a fundamental standpoint, and fresh record highs may be out of reach for the time being. Technical analysis suggests that if gold falls below $1,940, downside pressure may gather force, emboldening bears to launch an assault on $1,895.