Gold Price Forecast: XAU/USD defends monthly resistance break above $1,700, US inflation eyed – by anilpanchal7 Gold XAUUSD Inflation RiskAppetite Politics
US dollar pullback joined firmer equities, sluggish yields to underpin XAU/USD run-up.Light calendar ahead of Tuesday’s US CPI could allow buyers to keep reins. begins the week’s trading on the front foot at around $1,717, after posting the first weekly gains in four. The metal’s latest upside could be linked to the US dollar’s broad weakness despite the hawkish Fedspeak. The reason could be linked to the market’s consolidation of the bullish bias amid hopes of overcoming the inflation woes.
Elsewhere, US Treasury Secretary Janet Yellen mentioned that, during the CNN interview on Sunday, “Fed is going to need skill and luck to bring inflation down while maintaining labor market strength.” The policymaker also mentioned that US consumers could experience a spike in gas prices in winter when the European Union significantly cuts back on buying Russian oil.
from the US. Should the inflation numbers print a softer outcome for August, the odds of the metal’s further upside can’t be ruled out. It should be noted that the risk catalysts and pre-Fed chatters are also important for gold buyers to watch for fresh impulses.A daily closing beyond a one-month-old resistance line, now support around $1,710, joins firmer RSI and an impending bull cross on the MACD to keep gold buyers hopeful.
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