Gold Price Forecast: XAU/USD retreat needs validation from $1,977 and Purchasing Managers Indexes Gold SEO PMI XAUUSD Fed
However, Federal Reserve Bank of Chicago President Austan Goolsbee said in interview with CNBC on Friday that he still want to see the data. The policymaker also added, “But let's be mindful we've raised a lot; some of the lag is coming through possibly in today's retail sales number."
As a result, the Gold price run-up pauses near the multi-month high and challenges the bulls of late.Despite the recent rebound in the US Dollar and yields, which in turn weighed on the Gold price, there are standing challenges for the greenback in the form of its reserve currency status, as well as surrounding the Fed, which in turn keeps the Gold buyers hopeful.
Furthermore, the odds of witnessing a pause in the Federal Reserve’s rate hikes trajectory are still high and weigh on the US Dollar, which in turn hints at the XAU/USD rebound.Moving on, the Gold traders may witness a light calendar and can adhere to consolidation in the XAU/USD price.
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