Gold Price Forecast: XAU/USD reclaims $1,750 as USD Index struggles to extend gains, US ADP eyed – by Sagar_Dua24 Gold XAUUSD Fed SEO DollarIndex
is struggling to extend its gains after sensing strength in the Tokyo session. The USD Index is failing to sustain above a two-day high at 106.40 despite a cautious market mood.
have weakened further as investors have turned anxious ahead of the speech from Federal Reserve chair Jerome Powell, scheduled on Wednesday. The 10-year US Treasury yields have dropped to below 3.63%.Intensifying protests by individuals against anti-Covid lockdown measures by the Chinese authorities to curtail infections have dampened the risk-appetite theme. This has led to a sheer decline in the risk-sensitive currencies but has supported the US Dollar.
The Federal Reserve is continuously tightening its monetary policy, which has resulted in weaker economic projections. Firms have postponed their expansion plans due to higher interest obligations. This has also forced them to postpone their demand for manpower.Gold price has displayed a steep recovery after testing the 38.2% Fibonacci retracement at $1,722.00 and has also crossed the 23.65 Fibo retracement at $1,746.50 on an hourly scale.
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