Gold Price Forecast; XAU/USD price edges up despite strong US Dollar amidst thin liquidity trading – by christianborjon Gold XAUUSD Commodities Metals
Investors turn optimistic after a US debt-ceiling agreement; US Fed’s hawkish repricing influences markets
Sentiment amongst investors turned positive after a deal was reached between the White House and the US Congress. However, it remains subject to a vote as soon as possible, which would raise the US debt ceiling by two years until January 1, 2025.
Therefore, US Treasury bond yields, particularly the 10-year benchmark note rate, edged toward 3.859% before reversing its course, down to 3.796%, a tailwind for Gold prices. During the weekend, the Chicago Fed President Austan Goolsbee said the Fed is improving on its inflation goal but has not succeeded, adding that interest rate increases take months or years to be felt by the economy. He added that the Fed can get inflation down without a recession.portrays the yellow metal as neutral biased, trapped within the boundaries of the 100-day Exponential Moving Average at $1934.21 and the 50-day EMA at $1972.45.
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