Gold Price Forecast: XAU/USD prints four-day winning streak below $1,900 on Fed, China catalysts Gold XAUUSD China YieldCurve Fed
Market’s reassessment of hawkish Fed talks, China-inspired risk-on mood favor XAU/USD bulls.Gold price remains firmer around $1,880 during the four-day uptrend on early Thursday.
hesitated in praising the jobs report but Fed Governor Christopher Waller, New York Federal Reserve President John Williams and Fed Governor Lisa Cook highlight inflation fear to suggest further rate increases from the US central bank. Furthermore, comments from the US diplomats such as Treasury Secretary Janet Yellen and President Joe Biden also amplified inflation concerns, as well as hopes of no recession in the US, which in turn suggests a safe side for the Fed to hike the benchmark rates.
Looking ahead, Gold price may have to rely on the risk catalysts amid a light calendar, comprising only the US Weekly Jobless Claims.Gold price holds onto the week-start recovery from a five-week-old ascending support line, around $1,865 by the press time. Adding strength to the upside bias are the bullish MACD signals and firmer RSI .
Hence, the yellow metal is likely to remain firmer between $1,865 and $1,890, despite maintaining the short-term trading range.
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