Gold Price Forecast: XAU/USD struggles near one-week low amid hawkish Federal Reserve – by hareshmenghani Gold Commodities Fed SEO XAUUSD
might need to go up faster and higher than previously anticipated. Powell added that the recent economic data from the United States had been stronger than expected and that the Fed is prepared to increase the pace of rate hikes to combat stubbornly high inflation. The markets were quick to react and started pricing in a greater chance of a 50 basis points lift-off at the upcoming Federal Open Market Committee policy meeting later this month.
On the flip side, the $1,818-$1,820 region could offer some resistance ahead of the $1,835 horizontal zone. A sustained strength beyond the latter could trigger a short-covering rally and lift Gold price back towards the monthly peak, around the $1,858 area touched last Friday. This is followed by the 50-day SMA barrier, currently near the $1,869 region, which should keep a lid on any further gains, at least for the time being.
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