Gold Price Forecast: XAU/USD sees a downside below $1,970 as Fed expresses more rate hikes this year Gold XAUUSD Fed Inflation DollarIndex
Gold price has slipped sharply below $1,970.00 as the Fed's policy-tightening intension could delay but is far from over.Gold price is anticipated to deliver a sheer downside after a breakdown below the demand zone placed in a range of $1,950-1,970.
Gold price has failed in defending its immediate support of $1,970.00 in the Asian session. The precious metal has dropped firmly as the Federal Reserve policymakers are confident that more interest rate hikes by the central bank are in the pipeline in the fight against stubbornS&P500 futures have added more gains in the Asian session, portraying a strong recovery in the risk appetite.
US Biden has called partisan terms from Republicans as ‘extreme’ as the latter is not allowing extra taxes on the Wealthy community despite Democrats getting ready for some spending cuts. Meanwhile, US Treasury Secretary Janet Yellen is constantly reminding related authorities that the United States economy is moving towards a default swiftly as June 01 is the deadline for addressing obligated payments.
The Relative Strength Index has slipped back into the bearish range of 20.00-40.00, which signals that the downside momentum has been triggered again.
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