Gold Price Forecast: XAU/USD retreats from $1,960 amid sluggish markets Gold XAUUSD RiskAversion Fed Commodities
joins the absence of the Federal Reserve policymakers’ speeches due to the pre-FOMC blackout period to restrict the catalysts of late.from the hawkish central bank concerns and fresh fears suggesting that the large banks in the US need to hold more capital to battle the landing crisis seem to weigh on the sentiment and the XAU/USD price of late.
Against this backdrop, Wall Street closed in the red whereas S&P500 Futures print mild losses by the press time. Furthermore, the US 10-year Treasury bond yields remain pressured around 3.68%, after reversing Friday's rebound the previous day, whereas the two-year bond coupons also defend the week-start bearish bias near 4.46% by the press time.
With this, the Gold price is likely to drop further towards the 50% and 61.8% Fibonacci retracement levels of its May 30 to June 02 upside, respectively near $1,957 and $1,951.
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