Gold Price Forecast: XAU/USD bounces off 100-day SMA, upside potential seems limited – by hareshmenghani Gold Commodities Fed InterestRate XAUUSD
A mildly softer tone around the US Dollar and the cautious mood lend support to the metal.Gold price
attracts some buyers near the $1,940 area, representing the 100-day Simple Moving Average , during the Asian session on Thursday and recovers a part of the overnight slide to a one-week low. The XAU/USD currently trades around the $1,945-$1,946 region and remains well within a familiar trading range held over the past three weeks or so.
Furthermore, surprise rate hikes by the Reserve Bank of Australia earlier this week and the Bank of Canada on Wednesday suggested that the fight against inflation is not over yet. This, in turn, fueled speculations that the Fed might keep interest higher for longer and led to the overnight sharp rise in the US Treasury bond yields, which favours the USD bulls and keep a lid on any meaningful gains for the non-yielding Gold price.That said, the prevalent cautious mood could lend support to the safe-haven XAU/USD.
On the flip side, any meaningful intraday appreciating move is likely to confront stiff resistance near the $1,962-$1,964 region. A sustained strength beyond has the potential to lift the Gold price to the next relevant hurdle near the $1,983-$1,985 supply zone en route to the $2,000 psychological mark. The XAU/USD could eventually climb towards the $2,010-$2,012 supply zone.
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