Gold Price Forecast: XAU/USD stays defensive near $1,965 hurdle ahead of US inflation Gold XAUUSD Fed Inflation RiskAversion
Pre-Fed positioning, firmer United States Treasury bond yields allow US Dollar to grind higher, weigh on XAU/USD.US Core Inflation will be crucial to determine Fed moves even as markets seem prepared for hawkish FOMC halt. prods a two-day downtrend with the latest corrective bounce off $1,950, grinding higher as it approaches the key $1,967 resistance confluence during early Tuesday in Asia, close to $1,958 at the latest.
Even so, firmer yields and fears of economic slowdown, as well as a likely pressure on the banking system due to the bond market moves backed by the debt-ceiling deal, seem to restrict the Gold Price rebound ahead of the key US Consumer Price Index data. That said, a trade dispute is developing after the US expands its ban on imports from Xinjiang. China vows to protect China firms against any US sanctions. On the other hand, global institutions like the International Monetary Fund and the Organisation for Economic Co-operation and Development earlier flagged concerns about the global economic challenges emanating from higher interest. The same could join the latest easy data from top-tier economies to weigh on the Gold Price.
While the clear U-turn from the key EMA confluence keeps the XAU/USD sellers hopeful, the below 50.0 levels of the Relative Strength Index line, placed at 14, suggests lower room for the commodity towards the south. The same highlights the 100-EMA support of around $1,937 as the short-term important level for the Gold bears to conquer to keep the reins.
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