Gold Price Forecast: XAU/USD bounces off weekly low, trades above $1,940 ahead of FOMC – by hareshmenghani Gold Commodities Fed CentralBanks XAUUSD
during the second half of the year. This drags the USD lower for the fourth straight day and turns out to be a key factor lending some support to the US Dollar-denominated Gold price. That said, a combination of factors might keep a lid on any meaningful upside and warrants some caution for bullish traders.The recent news that UBS will rescue Credit Suisse in a $3.24 billion deal helped calm nerves about the contagion risk and prompted investors to cautiously return to riskier assets.
Hence, the market focus will remain glued to the FOMC monetary policy statement and the updated economic projections, especially the dot plot. Apart from this, investors will closely scrutinize Chair Jerome Powell's remarks at the post-meeting press conference, which will play a key role in influencing the near-term USD price dynamics. and provide some meaningful impetus to Gold price.From a technical perspective, any subsequent move up is likely to confront some resistance near the $1.955-$1,960 region. A sustained move beyond has the potential to lift the Gold price to the $1,978-$1,980 zone en route to the key $2,000 round figure and the one-year high, around the $2.
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