Gold Price Forecast: XAU/USD bears eye $1,925 as US Dollar, yields rise amid debt ceiling woes Gold XAUUSD RiskAversion Fed Politics
Against this backdrop, the US Dollar Index rose for the third consecutive day to mark the highest levels since March 20 while the benchmark US Treasury bond yields also rose to the mid-March highs. That said, Wall Street closed in the red and the same exerted downside pressure on the Gold price., second reading of the Q1 GDP estimate, the Chicago Fed National Activity Index and Pending Home Sales are on the economic calendar to entertain the Gold traders.
It’s worth noting that the XAU/USD’s sustained trading below the 50-DMA joins the bearish signals from the Moving Average Convergence and Divergence indicator to keep the sellers hopeful. However, the below 50.0 levels of the Relative Strength Index line, placed at 14, suggests limited downside room for the quote.
As a result, the odds of the Gold price rebound from the 100-DMA support of $1,933, in case the quote breaks the $1,950 support, are higher. If at all the XAU/USD breaks the 100-DMA support, an upward-sloping support line from early November, close to $1,924, will be the key to watch for clear directions.
On the contrary, a daily closing beyond the stated resistance line of near $1,968 needs validation from the 50-DMA resistance of $1,992, as well as the $2,000 round figure, to convince the Gold buyers.upside before challenging the record top marked earlier in the month around $2,080. Overall, the Gold price remains on the bear’s radar below the $2,000 mark but the downside room appears limited.
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