Gold Price Forecast: XAU/USD edges higher amid weaker US Dollar, lacks follow-through – by hareshmenghani Gold Commodities Fed RiskAversion XAUUSD
nor losses through the first half of the European session on Thursday. The XAU/USD is currently placed just below the $2,000 psychological mark, nearly unchanged for the day, and is influenced by a combination of diverging forces.The US Treasury bond yields extend the overnight pullback from a nearly one-month high and exert some downward pressure on the. This, in turn, is seen as a key factor lending some support to the US Dollar-denominated Gold price.
Furthermore, the Fed’s Beige Book showed that inflation in the United States continued to run relatively high. Adding to this, the incoming US macro data pointed to a resilient economy and further fueled concerns that the Fed may have more work to do to contain inflation amid easing fears of a full-blown banking crisis.
, featuring the release of the usual Weekly Initial Jobless Claim, the Philly Fed Manufacturing Index and Existing Home Sales data later during the early North American session. This, along with speeches by influential FOMC members and the US bond yields and the broader risk sentiment, will drive the USD demand and provide some impetus to Gold price. Traders will further take cues from the broader risk sentiment to grab short-term opportunities around the metal.
On the flip side, the $1,980 area, followed by the overnight swing low, around the $1,969 region, now seems to act as immediate support. Given that oscillators on the daily chart have just started drifting in the negative territory, some follow-through selling should pave the way for an extension of the recent retracement slide from a one-year high. The
might then slide towards testing the next relevant support near the $1,956-$1,955 area before eventually dropping to the monthly low around the $1,950 region.
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