Gold Price Forecast: XAU/USD bulls look to $1,780 from daily support area – by fx_ross Gold Commodities DollarIndex Fed
While there was a technical bias to the downside for the start of the week, the fundamentals drove the move as investors fretted that better-than-expected service-sector activity could point to the Federal Reserve hiking interest rates for longer.The Institute for Supply Management said its Non-Manufacturing PMI rose to 56.5 last month from 54.
However, the Fed is now seen raising its policy rate, currently in the 3.75%-4% range, to 4.92% by March of next year and more likely than not into the 5%-5.25% range by May, based on futures contract prices and the CME Fed watch tool. However, futures contracts tied to thepolicy rate still imply an 89% chance that the US central bank will increase interest rates by 50 basis points next week to 4.25%-4.50%, with the rates peaking at 4.984% in May 2023.
With the price potentially basing, for the meantime, in the $1,790s, a move into test into the $1,800s was expected to ''draw in the sellers again for the opening sessions with a move into the dynamic support that meets the daily 38.2% Fibonacci and a 50% mean reversion below that.''While the price is now on the backside of the micro trend, testing the daily W-formations's neckline support, a bullish correction could be on the cards with $1,780 eyed.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Gold Price Forecast: XAU/USD bulls gearing up for a rally toward $1,822 – Confluence DetectorGold price is trading close to its best levels in five months above $1,800 at the start of a new week, with risk flows dominating as China expands the
Weiterlesen »
Gold Price Forecast: XAU/USD struggles around $1,800 ahead of ISM Services PMI dataGold price (XAU/USD) is facing immense pressure in conquering the round-level resistance of $1,800.00 in the early Tokyo session. The precious metal i
Weiterlesen »
Gold Price Forecast: XAU/USD eases from five-month peak, retreats to sub-$1,800 levelsGold price struggles to capitalize on the intraday positive move and retreats from the $1,810 area, or a five-month peak touched earlier this Monday.
Weiterlesen »
Gold Price Forecast: The stage for an epic bull-trap in XAU/USD could be setting – TDSGold’s rally has started to show signs of exhaustion. An epic bull-trap could be developing in XAU/USD, economists at TD Securities report. Macro head
Weiterlesen »
Gold Forecast: Markets Plunge on Friday Only to Find BuyersThe gold markets plunged after the jobs number on Friday but have seen buyers jump back into this market as the jobs number caused volatility
Weiterlesen »
Gold price slides with higher yields as traders eye Fed policy, ChinaSolid US economic data on Monday boosted the chances of higher interest rates for longer from the Fed.
Weiterlesen »