Gold Price Forecast: XAU/USD bulls lack conviction ahead of US GDP Gold XAUUSD SEO GDP Banks
. In doing so, the yellow metal justifies the market’s cautious mood ahead of the United States' first quarter Gross Domestic Product , especially amid banking sector fears and recently mixed US data. That said, the US Dollar’s rebound during late Wednesday also exert downside pressure on the XAU/USD price. Furthermore, the ongoing voting on the bill suggesting an increase in the US debt ceiling adds to the market’s anxiety and keeps the Gold price on a back foot.
On Wednesday, US Durable Goods Orders rose by 3.2% in March versus 0.8% expected and -1.2% prior. Further details suggest that the Durable Goods Orders ex Transportation and ex Defense also rose past market forecasts and previous readings in March. Before that, US Conference Board's Consumer Confidence Index edged lower to 101.3 for April, versus 104.0 prior. Additional details of the publication stated that the Present Situation Index ticked up to 151.1 during the said month from 148.
Gold price remains depressed within a small trading area between an eight-day-old descending resistance line, around $2,010, and the $1,978 support confluence including the 200-bar Simple Moving Average and a five-week-long upward-sloping trend line. In that case, the Gold price needs a successful break of the $2,010 hurdle, which in turn could trigger the bullion’s run-up towards the monthly high of around $2,049.
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