Gold Price Forecast: XAU/USD struggles near two-month low, bears flirt with 100-day SMA – by hareshmenghani Gold Commodities RiskAppetite Fed XAUUSD
sion. The XAU/USD is currently placed just below the $1,940 level, down around 0.25% for the day, with bears now awaiting a sustained break and acceptance below the 100-day Simple Moving Average before placing fresh bets. signalled that they have reached a tentative agreement to raise the $31.4 trillion debt ceiling and avert an unprecedented default by the world's largest economy.
bullish run to over a two-month high further contributes to the offered tone surrounding the US Dollar-denominated commodity.The markets started pricing in a greater chance of another 25 bps lift-off in June following more hawkish remarks by several Federal Reserve officials. Adding to this, data released last Friday showed that the Personal Consumption Expenditures Price Index- the Fed’s preferred inflation gauge- unexpectedly rose in April and indicated that inflation remained sticky.
will keep rates higher for longer, which underpins the buck and further weighs on the non-yielding Gold price.That said, a modest pullback in the US Treasury bond yields holds back the USD bulls from placing aggressive bets and could lend some support to the XAU/USD, at least for the time being. Nevertheless, the aforementioned fundamental backdrop suggests that the path of least resistance for Gold price is to the downside and any attempted bounce might still be seen as a selling opportunity.
On the flip side, the $1,947-$1,949 region is likely to act as an immediate hurdle ahead of the $1.957-$1,958 zone. Any further move up could attract fresh sellers and remain capped near the $1.980 region. The latter should act as a pivotal point, which if cleared could allow the
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