Gold Price Forecast: XAU/USD refreshes monthly low, seems vulnerable below 100-day SMA – by hareshmenghani Gold Commodities Fed InterestRate XAUUSD
Gold price drifts lower for the fifth successive day and drops closer to the May monthly swing low.Economic woes, especially in China, lend support to the safe-haven metal and limit the downside.Gold price
remains under some selling pressure for the fifth straight day on Thursday and drops back closer to the May swing low during the Asian session. The XAU/USD currently trades around the $1,935 region and for now, seems to have found acceptance below the 100-day Simple Moving Average pivotal support defended since the beginning of this month.
The Fed also sees slightly stronger economic growth and forecasts the economy to grow by 1% this year — up from the 0.4% rise projected in May — before rising 1.1% in 2024 and 1.8% in 2025. In the post-meeting press conference, Fed Chair Jerome Powell said that the pause was out of caution, to gather more information before determining if rates need to rise again. Powell further described US growth and the job market as holding up better than expected.
, meanwhile, leads to a modest uptick in the US Treasury bond yields and assists the US Dollar to regain positive traction. In fact, the USD Index , which tracks the Greenback against a basket of currencies, recovers further from a one-month low touched on Wednesday and turns out to be another factor driving flows away from the US Dollar-denominated Gold price.
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