Gold Price Forecast: XAU/USD bears meet critical support, eyes on bullish correction – by fx_ross Gold Commodities DollarIndex Fed
Bears need to get below the daily support or face demand into key resistance in the day ahead. is back under pressure, losing some 0.32% after falling from a high of $1,707.15 to a low of $1,696.51 so far. The US dollar is attempting a comeback and is moving up from the lows of the day down at 109.275 to 109.618 so far, as per DXY.
Traders expect 75 basis points when its policy committee meets next week and lower market hopes for a smaller increase. However, there is a one-in-five chance that the Fed will raise rates by a full percentage point, up from zero a day before the inflation report according to FEDWATCH. Inflation in the United States ran at an 8.3% annualized pace in August, ahead of expectations for an 8.0% rise
''We also now expect a higher terminal rate range of 4.25-4.50% by year-end. In this context, while prices are certainly weak, precious metals' price action is still not consistent with their historical performance when hiking cycles enter into a restrictive rates regime. Indeed, gold and silver prices have tended to display a systematic underperformance when markets expect the real level of the Fed funds rate to rise above the neutral rate, as estimated by Laubach-Williams.
Zooming out, we could see that the downside target had been a key level for a considerable amount of time:The daily chart shows that the price is extending the downside with the neckline still vulnerable for a restest, however. From a much lower time frame basis, hourly and 15 minutes, the price action meeting prior lows and a support structure that needs to be taken into account. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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