Gold Price Forecast: XAU/USD recovery hinges on $1,995 breakout, US debt limit optimism Gold XAUUSD RiskAversion Commodities FiscalPolicy
Retreat in yields, market’s cautious mood allows XAU/USD to lick its wounds.Convergence of 50-HMA, previous support line limited immediate upside with eyes on US debt limit, Fed news. clings to mild gains around $1,985 as it licks its wounds near the lowest levels in three weeks, snapping a two-day downtrend amid early Thursday in Europe.
On the same line are fears of easing US statistics as Reuters said that US retail sales have remained resilient despite higher prices but consumers have been careful about their spending, hurting companies such as Target and Home Depot, whose merchandise largely consists of discretionary products. The same joins the Fed’s dovish hike to prod the US Dollar bulls.
Moving ahead, a lack of major data/events may allow the Gold price to cover but the risk catalysts are the key to watch for clear directions.Although the oversold RSI line allowed the Gold price to recover from a three-week low, backed by the bullish MACD signals, a convergence of the 50-Hour Moving Average and the support-turned-resistance line from April 27, close to $1,995 by the press time, appears a tough nut to crack for the bulls.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD set to reclaim $2,000 amid upbeat US debt-limit sentimentGold price (XAU/USD) renews its intraday high near $1,993 as it reverses the previous day’s losses at the lowest levels in two weeks amid early Wednes
Read more »
Gold Price Forecast: XAU/USD remains lackluster below $2,020 with eyes on US debt-ceiling issuesGold price (XAU/USD) is continuously delivering a sideways performance as investors are looking for potential cues for decisive action. The precious i
Read more »
Gold Price Forecast: XAU/USD bears approach $2,000 amid US default fears ahead of Retail SalesGold price (XAU/USD) refreshes intraday low near $2005.00 as it takes offers to reverse the week-start corrective bounce heading into Tuesday’s Europe
Read more »
Gold Price Forecast: XAU/USD trades with modest losses above $2,000, downside seems limitedGold Price Forecast: XAU/USD trades with modest losses above $2,000, downside seems limited – by hareshmenghani Gold Commodities Recession Fed XAUUSD
Read more »
Gold Price Forecast: Dispute over US debt ceiling likely to shore up XAU/USD – CommerzbankThe US debt ceiling farce continues. Economists at Commerzbank analyze the implications for Gold price. Gold to decline if the US debt ceiling conflic
Read more »
Gold Price Forecast: XAU/USD plunges amidst US economic resilience, high US bond yieldsGold price is erasing Monday’s gains, plunging 0.80%, as data from the United States (US) showed signs of resilience amidst a solid retail sales repor
Read more »