Gold Price Forecast: XAU/USD bears eye a downside continuaiton Gold Commodities DollarIndex Fed
The US Dollar and bond yields have been rising ahead of next week's expected hike from the Federal Reserve which is leaving an air of bearishness around the yellow metal. The Fed's policy committee is expected to end with a 25-basis point increase in interest´´We expect the FOMC will raise rates by 25bp when it meets next week. That would leave the target ceiling for fed funds at 5.25% and effective fed funds in line with the median dot plot of 5.
Analysts at Brown Brothers Harriman said that there are no longer any odds of another 25 bp hike in June, down from about 15% at the start of this week. ´´In the near term, weaker longs still remain vulnerable, but we don't expect the first selling meaningful program to kick in until prices break $1964/oz in gold or $24.00/oz in silver.´´Gold price is weighed technically by the fact that it is on the backside of the trend and pressured within the right-hand shoulder of the head and shoulders in a broken-down market.
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