Gold Price Forecast: XAU/USD rebound needs validation from Federal Reserve Minutes, United States data Gold XAUUSD SEO Fed Macroeconomics
and 6.5% prior. More importantly, CPI ex Food & Energy, better known as the Core CPI, grew 5.6% YoY compared to 5.5% market forecasts and the 5.7% previous readings.
As per the latest Federal Reserve talks, Fed Governor Michelle Bowman said on Friday that they are seeing a lot of inconsistent data in economic conditions, as reported by Reuters. On the contrary, Richmond President Thomas Barkin said on Friday that they are seeing some progress on inflation with demand normalizing, as reported by Reuters.
It should be observed that the latest meeting between US Secretary of State Antony Blinked and China top diplomat Wang Yi seemed to fail in restoring the US-China ties. The reason could be linked to Chinese diplomat’s comments saying that the US must change course and repair the damage done to Sino-US ties by indiscriminate use of force.
That said, the quote’s latest rebound needs validation from the 50-DMA and the support-turned-resistance line, respectively near $1,860 and $1,910, to convince buyers.
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