Gold Price Forecast: XAU/USD bears prowl near psychological $2,000 level XAUUSD Gold DollarIndex Fed
Gold price bears are on the prowl at key resistance. remains in the key support area in Asia with the bulls probing the bearish commitments at the psychological $2,000/oz level. XAU/USD has moved up from a low of $1,993.41 to score a high of $1,999.41 so far.
The combination of hawkish rhetoric and the recent data is making greenback-bullion less attractive for overseas buyers, while benchmark Treasury yields climbed to a more than two-week high. Fed funds futures are showing that the expectations that the Fed will start cutting rates later this year have been pushed back to November from September, with a smaller cut now anticipated also.
There is a bullish correction in the making but bears are lurking at this juncture, guarding $2,000 near a 61.8%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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