Gold Price Forecast: XAU/USD bulls are testing critical resistance, traders eye key events Gold Commodities DollarIndex Fed SEO
A sell-off in Gold price and capitulation of the bulls could lead to a significant run towards $1,900.
Gold price rose to the highest in nine months as the US Dollar and bond yields came under pressure following the start of the week's 1% drop in leading economic indicators in December which solidified the dovish sentiment surrounding the Federal Reserve, Fed, that is now expected to announce another interest-rate hike when its policy committee meets next week. officials are out on the blackout week ahead of the highly anticipated Fed interest rate decision.
“Policy has to stay on the tighter side during 2023” as the disinflationary process unfolds, Bullard added.However, e, such as Producer Price Index and Retail Sales have recently shown disinflationary tendencies, reinforcing expectations that the Fed will continue to reduce its tightening pace in upcoming meetings.
''So far in early 2023, US data releases have indicated a mild easing in inflationary pressures and softer demand. This indicates the Fed’s aggressive tightening last year is starting to take effect,'' the analysts explained. ''Weakness in housing is evident , manufacturing activity has faltered and Retail Sales are returning to trend.''
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