Gold Price Forecast: XAU/USD slides below $1,670 hurdle ahead of Fed’s preferred inflation gauge – by anilpanchal7 Gold XAUUSD Fed Inflation Commodities
While seeking clarifications, the market’s anxiety ahead of the US Core PCE Price Index for September, expected to rise to 5.2% versus 4.9% prior, could be considered important due to the recent retreat in the hawkish Fed bets. The inflation number and the market’s wagers on the Fed’s next move become all the more important as the chatters surrounding the Fed’s easy rate hike in December grow stronger.
Amid these plays, the stock futures are red following the downbeat performance of Wall Street while the bond markets pare recent gains. Given the downbeat RSI , not oversold, coupled with the bearish chart formation, the XAU/USD weakness is likely to persist. That said, the stated channel’s lower line, near $1,653, precedes the 200-HMA level of $1,649 to restrict the short-term downside.
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