Gold Price Forecast: XAU/USD bears approach $1,930 support on upbeat US Dollar, firmer yields Gold XAUUSD RiskAversion Fed PMI
US Dollar cheers hawkish Fed bets, sour sentiment amid sluggish session.Price stays on the bear’s radar for the second consecutive day as the precious metal renews intraday low near $1,945, extending the post-NFP losses amid to early Monday amid firmer US Dollar and the Treasury bond yields. prints mild gains around 104.12 as it keeps the previous day’s recovery from a one-week low amid Monday’s sluggish Asian session.
Alternatively, recently firmer China PMIs and doubts about the Fed’s capacity to keep the rates higher for longer challenge the Gold bears. It’s worth noting, however, that the RSI line is in the oversold territory, which in turn suggests limited downside room for the XAU/USD past $1,932.
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