Gold Price Forecast: XAU/USD comes within a gold flake of the $1,825 target Gold Commodities DollarIndex Fed
The US data of late has been in contrary to the belief that the Fed is about to pivot.price bears have been on a quest for the $1,825 target since the start of the month in anticipation of a long squeeze into higher time-frame breakout traders getting long at the break of $1,800 towards the end of 2022.
At the time of writing, Gold price is trading higher by some 0.3% and close to the highs of the day near $1,842 and has rallied from the session low of $1,827.62 in a typical volatile fashion. The US Dollar is trying to claim higher grounds on the back of a fickle narrative surrounding the Federal Reserve and what the latest key data points are revealing to be sticky inflation for longer. In mixed data on Thursday, the Labor Department's Producer Price Index leapt by 0.
All in all, the data comes in contrast to wheat the markets had been pricing in terms of the Federal Reserve. However, following all of this inflationary data, the whole yield curve rose, and markets have started to embrace a higher for longer sentiment as estimates are now rising that the Fed may continue to raise rates into the summer.
However, the question for market watchers is how well can the economy continue to hold up, especially ashead much higher than many originally thought. so this might have put a meanwhile bid back into the Gold price as it steers back into shorts that have built up over the last couple of days as investors seek out diversification in their portfolios.
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