Gold Price Forecast: XAU/USD perks up on Fed Powell dovish speech – by fx_ross Gold Commodities DollarIndex Fed
There could be consolidation ahead the bulls can not get above $1,770.on Wednesday that sunk the US Dollar. At the time of writing, Gold price is up around 0.6% and has climbed from a low of $1,744.95 to score a high of the day at $1,764.85.
Consequently, a weaker dollar has kept Gold price on track for its best month since May 2021. The US dollar index, DXY, was last seen down 0.5% to 106.29, while the yield on the US 10-year note was down to 3.694%, not far from an over 7-week low of 3.62% on November 28th. The greenback is on track for its biggest monthly loss since September 2010 as investors look toward the Fed reaching a peak rate early next year.
''However,'' the analysts said, ''narrative is chasing prices, and we see several catalysts on the docket that could spark a renewed leg lower as CTAs run out of dry-powder on the bid. Chair Powell's speech is an obvious candidate for a catalyst, alongside inflation and jobs data.''The daily chart's harmonic pattern is bullish but there is a lot of resistance for the bulls to get through.
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