Gold Price Forecast: XAU/USD bulls approach $1,967 ahead of United States Gross Domestic Product Gold SEO Fed GDP ECB
Gold price takes the bids to renew nine-month high, up for the fourth consecutive day.
and the dovish bias over the US Federal Reserve adds strength to the XAU/USD upside, via the softer USD. remains on the back foot, bracing for the third weekly fall, as sellers attack the six-month low marked the last week around 101.30, close to 101.55 by the press time. Given the inverse relationship between the US Dollar and the Gold price, the yellow metal benefits from the lackluster USD.
Gold price justifies the previous day’s upside break of a fortnight-old ascending resistance line to refresh the multiday high. Adding strength to the bullish bias could be the metal’s sustained trading beyond the 10-Day Moving Average , as well as the bullish signals from the Moving Average Convergence and Divergence indicator.
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