Gold Price Forecast: XAU/USD recovers from multi-week low, Fed rate hike jitters cap gains – by hareshmenghani Gold Commodities Fed XAUUSD SEO
from the United States . In fact, the markets are currently pricing in at least a 25 bps lift-off at each of the next two Federal Open Market Committee meetings in March and in May., recently stressed the need for additional interest rate hikes to fully gain control of inflation. This should act as a tailwind for the US bond yields and lend support to the buck. Hence, it will be prudent to wait for a strong follow-through buying around the non-yielding Gold price before placing bullish bets.
This US macro data, along with the US bond yields, could drive the USD demand. Apart from this, the broader risk sentiment should allow traders to grab short-term opportunities around the Gold price. Nevertheless, the fundamental backdrop seems tilted firmly in favour of the USD bulls and suggests that the path of least resistance for theFrom a technical perspective, the overnight downfall validates a breakdown below the 50-day Simple Moving Average and adds credence to the negative.
On the flip side, the $1,852-$1,853 region could act as an immediate hurdle ahead of the 50-day SMA, currently around the $1,860 level. Any further move up is more likely to attract fresh sellers and remain capped near the $1,871-$1,872 region, or the weekly high, which should now act as a key pivotal point.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD clings to gains above $1,860, focus remains on US CPI reportGold Price Forecast: XAU/USD clings to gains above $1,860, focus remains on US CPI report – by hareshmenghani Gold Commodities Fed Inflation SEO
Read more »
Gold Price Forecast: XAU/USD to advance nicely on falling US inflation – CommerzbankGold price dropped yesterday to $1,850, its lowest level since early January. Soft United States Consumer Price Index could scale back hawkish Federal
Read more »
Gold Price Forecast: XAU/USD eyes further downside on hawkish Federal Reserve talksGold price (XAU/USD) prints mild losses around the mid-$1,800s, fading the bounce off a 1.5-month low, as traders await more clues to extend the Unite
Read more »
Gold Price Forecast: XAU/USD touches its lowest level since January, remains vulnerableGold price comes under some renewed selling pressure on Wednesday and remains on the defensive heading into the European session. The XAU/USD is curre
Read more »
Gold Price Forecast: XAU/USD bears remain keen on $1,825Gold price was pressured on a firmer US Dollar on Wednesday. The United States Retail sales jump 3% in January, smashing expectations despite an infla
Read more »
Gold Price Forecast: XAU/USD Battered in the Aftermath of US CPIGold prices have extended losses in the aftermath of US CPI data, placing additional pressure on the precious metal. Get your market update from Tams707 here:
Read more »