Gold Price Forecast: XAU/USD eases from five-month peak, retreats to sub-$1,800 levels – by hareshmenghani Gold Commodities Fed Bonds SEO
The XAU/USD slips below the $1,800 mark during the first half of the European session and is now flirting with a technically significant 200-day Simple Moving Average .The US Dollar reverses an early dip and stages a modest recovery from its lowest level since late June, which, in turn, is seen acting as a headwind for the Dollar-denominated Gold price.
last week indicated that the peak interest rate will be higher than expected. This leads to an intraday uptick in the US Treasury bond yields, which is seen as another factor benefitting the US Dollar and driving flows away from the non-yielding Gold price.
On the flip side, bulls might now wait for some follow-through buying beyond the $1,810 area before placing fresh bets. Gold price might then accelerate the positive momentum towards testing the next relevant hurdle near the $1,830 zone en route to the $1,843-$1,845 supply zone.
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