Gold Price Forecast: XAU/USD bears seek re-entry near $1,990 as Easter Monday triggers USD rebound Gold XAUUSD Inflation Fed China
China-inflicted risk aversion, hawkish Fed bets underpin US Dollar’s corrective bounce after four-week downtrend.Easter Monday holidays, anxiety ahead of US inflation, Fed Minutes add filters to Gold price. trims intraday losses around $1,995 amid the Easter Monday holiday in major bourses.
Elsewhere, Friday’s better-than-forecast prints of the US Nonfarm Payrolls renew hawkish Fed bets and suggest a 0.25% rate hike by the US central bank versus previously expected inaction. While portraying the mood, the S&P 500 Futures print mild losses around 4,130, after a two-day uptrend, whereas the US 10-year and two-year Treasury bond yields remain pressured near 3.37% and 3.95% respectively. In doing so, the benchmark bond coupons extend the previous day’s losses and portray the market’s rush toward the risk-safety amid economic slowdown fears. Further, the US Dollar Index prints mild gains around 102.20 while extending the last Tuesday’s rebound from a two-month low.
Even so, the 200-EMA and previous resistance line from March 20, respectively near $1,990 and $1,982, can challenge the Gold price downside ahead of welcoming the bears.
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