Gold Price Forecast: XAU/USD bulls await United States inflation, Federal Reserve Minutes for fresh rally Gold XAUUSD SEO Fed Inflation
US Dollar fails to trace firmer United States Treasury bond yields and allow XAU/USD to remain up.
US Dollar Index holds lower grounds near 102.10 early Wednesday, following the U-turn from a one-week high, as well as snapping a four-day winning streak, the previous day. That said, the US 10-year and two-year Treasury bond yields grind higher around 3.43% and 4.03 during a four-day and five-day uptrend respectively.
Hence, the indecision among the Fed policymakers join the recently easy hawkish Fed bets to propel the Gold price ahead of the top-tier data/events.While the aforementioned catalysts support the Gold price upside, headlines surrounding China and updates from the International Monetary Fund prod the metal buyers.
Alternatively, the IMF’s support to the fight against inflation and fears of easy global growth, as well as the US-China tension, challenge the XAU/USD bulls amid dicey markets ahead of the USUS inflation, Fed Minutes will be the key for Gold traders to watch In doing so, the XAU/USD justifies an upside break of a one-week-old descending trend line, now immediate support near $1,994.
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