Gold Price Forecast: XAU/USD trims losses below $2,000, looks prone to downside amid hawkish Fed bets Gold XAUUSD Fed Employment DollarIndex
. The precious metal dropped firmly below the psychological support of $2,000.00 as chances for one more 25 basis points rate hike have soared significantly but have managed to recuperate losses and have scaled back above the $2,000.00 resistance. The CME Fedwatch tool shows a sudden increase in chances of a 25 bp rate hike by more than 65%.economy has recuperated expectations of a consecutive 25 bps rate hike from the Federal Reserve . The jobless rate landed at 3.
Meanwhile, S&P500 futures have continued positive moves further, shown late Friday, on hopes that the Fed is approaching terminal rate quickly. The US Dollar Index has shown a marginal correction but is managing to sustain above 102.00. Solidifying expectations of one more rate hike from the Fed pushed US Treasury yields higher. The yields offered on 10-year US government bonds jumped above 3.41%.
The 20-and 50-period Exponential Moving Averages are on the verge of delivering a bearish crossover of around $2,011.50. Also, the Relative Strength Index is expected to skid below 40.00, which would result in a bearish momentum.
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