Gold Price Forecast: XAU/USD bears flex muscles even as US inflation advocates hawkish Fed halt Gold XAUUSD Fed Inflation RiskAversion
Gold Price stays depressed within fortnight-long symmetrical triangle, pressured after three-day losing streak.
Surprise Fed moves will be dealt with heavy XAU/USD volatility, which needs caution on trader’s side. remains on the back foot around the lowest level in a week, challenging the bearish breakdown of the trend continuation chart pattern, suggesting further downside of the XAU/USD. That said, the Gold Price holds lower grounds near $1,943 amid early Wednesday morning in Asia.
dropped to the lowest levels in three weeks, taking the Gold Price down with it, before bouncing off 103.05.While the US Dollar dropped on downbeat United States inflation but couldn’t impress the Gold Price buyers, the reason could be linked to the mixed catalysts surrounding China and the upbeat Treasury yields, as well as the pre-Fed positioning.
and risk-on seemed to have weighed on the Gold Price. However, it all depends upon the Federal Reserve for a clear direction.Although the recently firmer yields join the downbeat US inflation to weigh on the Gold Price, the XAU/USD move appears unconvincing amid the softer US Dollar. Hence, even if the Fed’s status quo is almost given, the Gold traders will pay attention to the US central bank’s economic forecasts, dot-plot and Chairman Jerome Powell’s press conference for clear directions.
The following recovery, however, remains elusive unless the Gold Price remains below the stated trend-continuation chart pattern’s top, close to $1,969 by the press time.
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