Gold Price Forecast: XAU/USD struggles below $1,980 level amid modest US Dollar strength – by hareshmenghani Gold Commodities Fed RiskAversion XAUUSD
to curb high inflation in the United States and have fully priced in a 25 bps lift-off at the next Federal Open Market Committee policy meeting in May. Adding to this, the Fed funds future indicates a small chance of another rate hike in June.The bets were lifted by the recent hawkish comments by several Fed officials and the incoming positive US macro data, which suggested that the world's largest economy remained resilient.
On the flip side, any meaningful recovery attempt is likely to attract fresh sellers near the $2,000 psychological mark and remain capped near the $2,010 barrier. A sustained strength beyond the latter might trigger a fresh bout of a short-covering and lift beyond the $2,020 hurdle, towards the $2,040 horizontal zone en route to the YTD peak, around the $2,047-$2,049 region.
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