Gold Price Forecast: XAU/USD bulls return as Federal Reserve drowns United States Treasury yields Gold XAUUSD SEO Fed RiskAversion
ng the volatile Wednesday. That said, the Federal Reserve’s dovish rate hike and US Treasury Secretary Janet Yellen’s comments suggesting no out-of-the-line support for thebanks seem to weigh on the Treasury bond yields and propel the XAU/USD price. It’s worth noting that the cautious mood ahead of today’s monetary policy meeting by the Bank of England and Swiss National Bank allow the space to the metal buyers.
Elsewhere, fears from the Russia-China ties and cautious mood ahead of the key central bank announcements seem to also weigh on the. However, chatters surroudning China’s ability to mark notable growth, despite global banking rout, keeps the Gold buyers hopeful. That said, strong inflation data from the UK may allow the BoE to keep its hawkish bias and announce 0.25% rate hike while theGold price extends bounce off the 50-bar Simple Moving Average , backed by the looming bull cross on the Moving Average Convergence and Divergence indicator and upbeat Relative Strength Index line, not overbought.
Following that, a two-month-old upward-sloping resistance line, near $2,015, acts as the last defense of the Gold bears.
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