Gold Price Forecast: XAU/USD plunges from weekly highs to $1840s as Fed’s Mester crosses wires By christianborjon Gold XAUUSD Commodities Metals Macroeconomics Fed Federal Reserve Central banks
Sentiment remains negative, as US equities fall between 1.02% and 2.57%.
Fed’s Mester supports 50 bps hikes in June and July; September is still open for 50 or 25 bps increases.Gold spot slumps from three-week highs near $1874 towards the confluence of the 20 and the 200-day moving averages around the $1840s region after the US Labor Department revealed that the US economy added more jobs than expected. At the time of writing, XAU/USD is trading at $1848.43, falling 1.06%.In the meantime, Cleveland’s Fed Loretta Mester is crossing the wires.
, but it would be data-dependent. She said that if she sees compelling evidence of lower inflation, then a 25 bps hike in September would be appropriate.for May, illustrated that the economy added 390K new jobs, far more than the 318K foreseen. Nevertheless, financial analysts’ chatter about the US labor market still supports the view that the US Federal Reserve will tighten aggressively after receiving the green light.
Analysts at Commerzbank, in a note, wrote that “The labor market thus continues to be very robust. Due to the unchanged high demand for labor, there is still a risk of a wage-price spiral. Further sharp Fed rate hikes are likely.” They stated that they “maintain our
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