Gold Price Forecast: XAU/USD grinds higher past $1,950 amid downbeat United States data Gold XAUUSD Fed Macroeconomics RiskAversion
Gold Price defends the week-start bounce off short-term key support confluence, seesaws of late.
Following the data, the market’s bets on the Fed’s June rate hike dropped from around 80% in the middle of the last week to nearly 25%. The same could have joined an absence of the Fed talks to weigh on the US Treasury bond yields and the US Dollar. That said, dropped and reversed the early-day gains to end in the red with minor losses around 104.10.
That said, China’s Caixin Services PMI matches 57.1 market forecasts for May versus 56.4 previous readings. Adding strength to the XAU/USD recovery expectations is the near-50.0 level of the Relative Strength Index line, placed at 14, as well as an impending bearish signal on the Moving Average Convergence and Divergence indicator.
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