Gold Price Forecast: XAU/USD turns volatile after facing barricades around $1,950 amid hawkish Fed bets Gold XAUUSD Fed Inflation DollarIndex
is expected to remain on edge as the street has changed its anticipation to a hawkish stance from a neutral mood by the Federal Reserve for June’s monetary policy meeting.
S&P500 futures have added significant gains in the early Tokyo session on hopes that US President Joe Biden will soon reach a bipartisan with Republicans for raising the US debt-ceiling limit. US President Joe Biden is scheduled to deliver remarks on the budget agreement at 10:25 GMT. Gold price is expected to escalate its downfall as a rebound in households’ spending has strengthened fear of more interestby the Fed. Friday’s United States Personal Consumption Expenditure Price Index data showed persistence in inflation as individuals are still spending significantly. Also, US Durable Goods Orders data expanded by 1.1% vs. a contraction of 1.
The Relative Strength Index has slipped below 40.00, showing no signs of divergence and an absence of evidence of oversold situation supports weakness ahead.
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