Gold Price Forecast: XAU/USD marches towards $1,680 ahead of US PCE Inflation – by Sagar_Dua24 Gold XAUUSD Fed Inflation GDP
A consecutive decline in the US GDP numbers weakened the DXY.Gold price is aiming to test the critical hurdle of $1,680.00 amid ongoing weakness in. The precious metal extended its recovery after sustaining above $1,650.00 and is expected to remain in the grip of bulls ahead. The yellow metal concluded its corrective move towards $1,640.00 and got strengthened after the US Gross Domestic Product remained in line with the projections.
The US GDP has consecutively declined by 0.6% on an annualized basis. It seems that the consequences of the bigger rate hikes by the Federal Reserve have started showing their true colors. Bets were rising over a possible recession situation in the US but got vanished after the commentary from San Francisco Fed chief Mary Daly.
Fed policymaker believes that the central bank is needed to drop focusing on generating more employment to tame the galloping inflation and not a recession, as reported by Reuters.data will remain in focus. The economic data is expected to improve to 4.7% vs. the prior release of 4.6%. A higher-than-expected figure could propel the DXY to sum up its correction sooner.have entered the prior balanced area, which is placed in a range of $1,653.30-1,692.00 on an hourly scale.
It is worth noting that the gold prices have crossed the 50-and 200-period Exponential Moving Averages while the EMAs have not displayed a crossover yet. This signals the strength of the upside momentum. Adding to that, the Relative Strength Index has shifted into the bullish range of 60.00-80.00, which illustrates a continuation of upside momentum.
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