Gold Price Forecast: XAU/USD treads water around $1,925 area, all eyes on FOMC – by hareshmenghani Gold Commodities Fed SEO XAUUSD
AU/USD remains on the defensive through the first half of the European session and is currently trading just below the $1,925 level. The downside, however, seems cushioned, at least for now, as traders might refrain from placing aggressive directional bets ahead of the key central bank event risk.The Federal Reserve will announce its decision at the end of a two-day policy meeting later today and is widely expected to further slow the pace of the rate-hiking cycle.
, featuring the release of the ADP report on private-sector employment, ISM Manufacturing PMI and JOLTS Job Openings. This, along with the US bond yields, could drive the USD demand and produce short-term opportunities around Gold price later during the early North American session. The immediate market reaction to the US macro data, however, is more likely to fizzle out quickly, supporting prospects for an extension of the intraday range-bound price action.
On the flip side, any meaningful upside is likely to confront some resistance near the multi-month top, around the $1,949 region touched on January 26. A sustained strength beyond has the potential to lift the Gold price to the $1,969-$1,970 region. The momentum could get extended further and allow the
to surpass an intermediate hurdle near the $1,980 zone. Bulls might then aim to reclaim the $2,000 psychological mark for the first time since March 2022.
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