Gold Price Forecast: XAU/USD plummets to over two-week low amid resurgent US Dollar demand – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
tly placed near the $1,970 area, down around 1.75% for the day, and seems poised to extend its recent pullback from over a one-year high touched last week. makes a solid comeback following the previous day's modest decline and climbs back closer to the weekly high, which, in turn, is seen weighing heavily on Gold price. The messages from Federal Reserve officials have been very hawkish lately, supporting prospects for further policy tightening by the US central bank.
The global risk sentiment takes a hit amid growing fears about economic headwinds stemming from rising borrowing costs. This, to a larger extent, overshadows stronger-than-expected Chinese economic growth figures released on Tuesday, which eased fears about a deeper global economic downturn, and tempers investors' appetite for perceived riskier assets.
from the US on Wednesday, investors will focus on the release of the Fed’s Beige Book for the central bank’s take on the state of the US economy. This, along with the US bond yields, will influence the USD and provide some impetus to the Gold price. Traders will further take cues from the broader risk sentiment to grab short-term opportunities ahead of speeches by FOMC members - Chicago Fed President Austan Goolsbee, Fed Governors Christopher Waller and Lisa Cook - on Thursday.
On the flip side, attempted recovery back above the $1,980 support breakpoint might now confront stiff resistance near the $2,000 psychological mark. This is followed by the $2,010 barrier, which if cleared decisively might negate the negative
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