Gold Price Forecast: XAU/USD grinds beyond $1,940 support, banking crisis, Federal Reserve in focus Gold SEO XAUUSD RiskAversion Fed
utious mode ahead of the key data/events. Also challenging the Gold traders could be the recent rebound in theGold price cheers technical breakout, banking turmoil
During late Monday, analysts at S&P think that it is unlikely that some US bank failures will prevent policymakers from sticking to the task of taming inflation, reported Reuters early Tuesday in Asia. The global rating agency also mentioned that the decision to write off Credit Suisse's AT1may contribute to a higher cost of capital for banks. On the same line were comments from a Senior Swiss lawmaker who warned on Monday that “the UBS-Credit Suisse merger is an enormous risk.
It should be noted that the recently hawkish bets on the Federal Reserve also seem to prod the XAU/USD bulls ahead of Wednesday’s Federal Open Market Committee Monetary Policy Meeting. As per the latest read of the CME’s FedWatch tool, probability of witnessing a 0.25%Moving on, Gold traders should keep their eyes on the risk catalysts, as well as the US Treasury bond yields, for fresh impulse.
That said, the XAU/USD retreat remains elusive unless the commodity remains firmer past the resistance-turned-trend line, currently around $1,948.
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