Gold Price Forecast: XAU/USD edges higher as US Dollar, yields dribble on mixed Fed concerns Gold Fed RiskAversion XAUUSD Commodities
e. In doing so, the XAU/USD pays little heed to the US Dollar’s slightly positive performance as sluggish markets and lack of major data/events direct traders towards the Gold as a safe investment. Also, looming uncertainty about the Federal Reserve’s next move joins risk-positive headlines from China adds strength to the Gold Price.Gold Price rose in the last two consecutive days while bouncing off a three-week-old trading range’s bottom even as the global markets remain sluggish.
Elsewhere, the US Dollar prints mild gains amid sluggish markets with no major data/events and an absence of the Federal Open Market Committee memebers’ speeches due to the pre-Fed blackout period. With this,A resolution to the United States default fears propelled bond offering from the government but marked a mixed response on the yields as the 10-year coupons remain sluggish around 3.69% whereas the two-year counterparts rose a bit to 4.50%.
That said, the precious metal’s weakness takes clues from the near-50 level of the steady Relative Strength Index line, placed at 14. However, the looming bull cross on the Moving Average Convergence and Divergence indicator challenges the XAU/USD bears.
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