Gold Price Forecast: XAU/USD carves out a bullish scenario into key resistance – by fx_ross Gold XAUUSD DollarIndex Commodities
is 1% higher at $1,789 as the greenback slides while China announces some easing in its zero-COVID strategy. People with Covid can now isolate at home rather than in state facilities if they have mild or no symptoms. They also no longer need to show tests for most venues and can travel more giving risk sentiment a lift mid-week.
The Fed's chair Powell's comments have prompted the market to price in a lower peak interest rate, which Fed funds futures showed on Wednesday was 4.933%, down from a recent high of 5.1%. Markets are now rethinking this to a 5%-5.25% range by May, as per the futures contract prices and the CME Fed watch tool.Gold has broken the bullish trendline but is now coming up to test the bearish commitments near $1,790 on a strong correction that threatens a continuation to the upside.
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.
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