Gold Price Forecast: XAU/USD bears stay hopeful amid hardships for US debt ceiling deal Gold XAUUSD RiskAversion Fed ConsumerConfidence
In doing so, the precious metal bears the burden of the markets’ rush towards risk safety, which in turn underpins the US Dollar. However, the latest optimism in the bond markets, due to the first reaction to the United States policymakers’ agreement on extending the debt ceiling to avoid the default seems to have put a floor under the Gold price. That said, the XAU/USD bears occupy the driver’s seat amid challenges to sentiment, as well as due to the cautious mood ahead of the key data/events.
That said, the United States 10-year Treasury bond yields dropped five basis points to 3.76% amid the initial hour of the week-start trading for the US bond markets, after Monday’s holiday.Apart from the United States default fears, hawkish concerns about the Federal Reserve’s next rate hike, backed by upbeat US data, also exert downside pressure on the Gold Price.
Moving on, developments about the US debt ceiling agreement and the US CB Consumer Confidence for May will be crucial for the Gold Price watchers to observe for intraday directions. Should there be risk-negative headlines from the political frontier, as well as upbeat US statistics, the Gold price may witness further downside depending upon the DXY’s capacity to remain firmer.
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