Gold Price Forecast: XAU/USD flirts with 200-day SMA, remains below $1,800 mark – by hareshmenghani Gold Commodities Fed Inflation SEO
owever, struggles to find acceptance or capitalize on the move beyond a technically significant 200-day Simple Moving Average .The US Dollar stages a modest intraday bounce from a multi-day low touched earlier this Friday, which, in turn, is seen as a key factor acting as a headwind for the Dollar-denominated Gold price. The USD uptick, meanwhile, lacks any obvious fundamental catalyst and runs the risk of fizzling out amid the uncertainty over the Federal Reserve's rate hike path.
In the meantime, traders on Friday will take cues from the US economic docket, featuring the release of the and the Prelim Michigan Consumer Sentiment Index. This, along with the US bond yields and the broader risk sentiment, should produce short-term trading opportunities around Gold price later during the early North American session.From a technical perspective, Gold price, so far, has been struggling to find acceptance above the very important 200-day Simple Moving Average .
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