Gold Price Forecast: XAU/USD touches multi-week high, around $1,940 ahead of US CPI – by hareshmenghani Gold Commodities Fed Inflation XAUUSD
on on Wednesday. The momentum lifts the XAU/USD to a three-week high, around the $1,940 region in the last hour and is sponsored by sustained US Dollar selling bias.In fact, the USD Index , which tracks the Greenback against a basket of currencies, drops to a two-month low in the wake of speculations that the Federal Reserve is nearing the end of the current rate-hiking cycle. This, in turn, is seen as a key factor driving flows towards the US Dollar-denominated Gold price.
It is worth recalling that the closely-watched US monthly employment details released on Friday showed that the economy added the fewest jobs in 2-1/2 years. Furthermore, the New York Fed's monthly survey revealed on Monday that the one-year consumer inflation expectation dropped to the lowest level since April 2021, to 3.8% in June from 4.1% in the previous month.
On the flip side, the $1,935 resistance breakpoint now seems to protect the immediate downside ahead of the $1,925 horizontal support and the weekly low, around the $1,912 area. Failure to defend the said support levels could drag the back towards the $1,900 round-figure mark en route to the multi-month low, around the $1,893-$1,892 region touched in June. A convincing break below the latter will be seen as a fresh trigger for bearish traders.
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