Gold Price Forecast: XAUUSD sticks to modest gains around $1,830, lacks follow-through By HareshMenghani Gold Commodities RetailSales Fed XAUUSD
sive day on Tuesday. The XAUUSD held on to its modest intraday gains through the first half of the European session and was last seen hovering near the $1,830 region, up around 0.25% for the day.retracement slide from a two-decade high touched last Friday turned out to be a key factor that extended some support to the dollar-denominated gold.
Hence, the focus will remain glued to Fed Chair Jerome Powell's speech later this Thursday. Investors will look for clues about the possibility of a jumbo 75 bps rate hike in June, which will play a key role in driving the USD demand in the near term. This, in turn, would determine the next leg of a directional move for the non-yielding gold.
In the meantime, traders will take cues from the release of the US monthly Retail Sales figures during the early North American session. This, along with the US bond yields, will influence the USD price dynamics and provide some impetus to . Apart from this, the broader market risk sentiment will also be looked upon for short-term trading opportunities.
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