Gold Price Forecast: XAU/USD retreats towards $1,850 as US inflation woes, mystery objects weigh on risk Gold XAUUSD RiskAppetite Fed Inflation
Sour sentiment underpins US Dollar, weighs on XAU/USD, even as US Treasury bond yields dribble.
While portraying the mood, the S&P 500 Futures fade the previous day’s corrective bounce off a one-week low, down 0.35% around 4,080 at the latest, whereas the US 10-year Treasury yields remain sidelined near 3.73% after refreshing a five-week high on Friday. Elsewhere, Philadelphia Federal Reserve President Patrick Harker pushed back the chatters of a Fed rate cut during 2023. However, the policymaker did mention, “Fed not likely to cut this year but may be able to in 2024 if inflation starts ebbing.” His comments were mostly in line with Fed Chair Jerome Powell’s cautious optimism and hence challenge the US Dollar buyers.from the St.
Adding strength to the support-turned-resistance line is the 50% Fibonacci retracement level of $1,872.
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