Gold Price Forecast: XAU/USD renews yearly low on the way to $1,750, Fed Minutes eyed – by anilpanchal7 Gold XAUUSD RiskAppetite Recession Fed
Hawkish Fed bets, China-linked concerns exert additional downside pressure on XAU/USD.
Gold Price takes offers to renew the yearly low around $1,763 heading into Wednesday’s European session. XAU/USD’s latest weakness could be linked to the headlines suggesting further hawkish moves from the Bank of England and, not to forget China’s readiness to strengthen strategic coordination with Russia. On the same line could be the market’s cautious mood ahead of the Federal Open Market Committee Minutes and the US ISM Services PMI for June, expected 54.5 versus 55.9 prior.
It should be noted that the recently firmer US Factory Orders for May, to 1.6% MoM versus 0.5% expected and upwardly revised 0.7% previous readings, also exert downside pressure on the Gold Price, via increasing hawkish bets on the Fed’s next moves.
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