Gold Price Forecast: XAU/USD treads water ahead of United States Purchasing Managers Index Gold XAUUSD SEO PMI Fed
Purchasing Managers Index for February. Adding strength to the XAU/USD inaction could be the lack of directives from markets amid Monday’s holiday in the US, as well as a light calendar before Tuesday’s PMIs.The fresh hawkish concerns from the United States data surrounding inflation and output have renewed hopes that the Federal Reserve will keep the interesthigher for longer. The same underpins the US Dollar’s rebound and exerts downside pressure on the Gold price.
Alternatively, hopes of more stimulus from China, as perceived from the People’s Bank of China’s inaction, as well as the government’s measures to defend the struggling housing sector, seems to favor the Gold buyers. Furthermore, the nearness to the Fed’s peak rate also likely to help the XAU/USD bears from rejecting the defeat.
On the contrary, the fears surrounding the US and China are likely to keep exerting downside pressure on the Gold price as neither the US nor China appears interested in solving the political differences. Recently, both nations alleged to each other over the balloon shooting whereas the US diplomatic ties with Taiwan may tease Beijing.
The pair’s latest inaction should have taken clues from the sluggish Relative Strength Index line, placed at 14.
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