Gold Price Forecast: XAU/USD bears move in and eye critical support near $1,950 Gold DollarIndex Fed
Fed minutes show officials split on support for more hikes.price is mixed around the Federal Open Market Committee minutes that showed that the board members agreed that inflation risks are still unacceptably high but officials also generally agreed that the extent of further hikes are less certain. Gold price has ranged between a low of $1,961 and a high of $1,965 so far around the event but has traveled in a wider range of between $1,956.77 and $1,985.39 on the day so far.
Several participants said if the economy evolved along lines of their outlooks, further policy firming might not be needed. Some participants noted concerns that the Federal debt limit may not be raised in a timely manner, threatening significant financial system disruptions, and tighter financial conditions.
´´Gold prices managed to rally yesterday despite headwinds from a rising broad dollar, which reveals notable demand behind the scenes. This fits into our view for imminent selling exhaustion in precious metals. In fact, we argue the positioning set-up is favorable for gold bulls, which have kept their position sizes contained, whereas systematic trend followers still hold a high bar for additional CTA liquidations,´´ the analysts explained.
Bears will need to get below $1,950 to confirm the prospects of a continuation into the longs that were building since March. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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