Gold Price Forecast: XAU/USD manages to defend 50 DMA, upside remains capped – by hareshmenghani Gold Commodities Fed Inflation SEO
/USD manages to hold above the 50-day Simple Moving Average support, though remains well within the striking distance of over a one-month low touched on Friday.The prospects for further policy tightening by the Federal Reserve continue to underpin the US Dollar and act as a headwind for the non-yielding Gold price. In fact, a slew of Federal Open Market Committee policymakers, including Fed Chair, last week stressed the need for additional interest rate hikes to fully gain control of inflation.
Moreover, the Labor Department's annual revisions of the Consumer Price Index showed on Friday that consumer prices rose in December instead of falling as previously estimated. Adding to this, the University of Michigan survey's one-year inflation expectations climbed to 4.2% this month from the 3.9% previous and reaffirmed expectations for a more hawkish Fed.
, due for release on Tuesday. The data could influence the Fed's rate-hike path and determine the near-term trajectory for the XAU/USD.From a technical perspective, a sustained break and acceptance below the 50-day SMA, currently around the $1,856 region, will be seen as a fresh trigger for bearish traders.
On the flip side, any subsequent move up is likely to confront stiff resistance near the $1,875 region. This is followed by the $1,900 round-figure mark. The latter should act as a pivotal point, above which a bout of a short-covering could lift the
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