Gold Price Forecast: XAU/USD rebound prods $1,960 support-turned-resistance ahead of US NFP – by anilpanchal7 Gold XAUUSD Fed Inflation NFP
That said, China's State Council Information Office conveyed a surprise press conference by Vice Chairman of the National Development and Reform Commission Li Chunlin and officials from the Ministry of Industry and Information Technology, the Ministry of Commerce and the State Administration for Market Regulation to unveil more measures to boost the consumption per Bloomberg.
Considering China’s status as one of the world’s biggest Gold consumers and the Federal Reserve’s indecision about the future rate hikes, the latest headlines put a floor under the XAU/USD price, at least for the short-term.During the last week, upbeat United States data and the European Central Bank’s dovish hike propelled the US Dollar and weighed on the Gold price, despite Friday’s corrective bounce due to the softer inflation clues from the US.
Amid these plays, Wall Street closed positive and the yields retreated together with the US Dollar. Even so, the US However, the recovery moves also gain support from an impending bull cross on the Moving Average Convergence and Divergence indicator.
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