Gold Price Forecast: XAU/USD bulls seek validation from $1,760 and Fed Chair Powell – by anilpanchal7 Gold XAUUSD Fed China Commodities
snap a four-day uptrend as it drops to 106.55, down 0.25% intraday at the latest. The Greenback’s gauge versus the six major currencies traces downbeat US 10-Year Treasury bond yields, down two basis points to 3.72%, to print the latest losses.
Furthermore, China’s multiple measures to ease the strict lockdown in the key areas after witnessing a retreat in the daily Covid infections from a record high seemed to favor the mild risk-on mood. Even so, the world’s second-largest economy kept its Zero-Covid policy intact. Bloomberg reported the reopening of some city buildings in the greater Zhengzhou region, the home of a key iPhone plant.
Nonfarm Payrolls , namely the ADP Employment Change for November, as well as the second readings of the US Gross Domestic Product for the third quarter , will also be crucial to watch for clear directions.Gold price extends bounce off a convergence of the 10-DMA and a three-week-old ascending support line, around $1,747-49 by the press time, to keep buyers hopeful.sellers unless the quote crosses the $1,760 hurdle.
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