Gold Price Forecast: XAU/USD extends bounce off $1,640 support amid softer DXY – by anilpanchal7 BitcoinGold XAUUSD RiskAppetite Fed Commodities
ession. In doing so, the yellow metal cheers the softer US dollar and the market’s cautious optimism amid a lack of major data/events.
A softer start of the US Dollar Index helps gold buyers to consolidate recent losses amid a light calendar day. That said, the DXY drops by 0.26% to around 113.00 by the press time. The greenback’s latest losses could be linked to the cautious optimism in the UK, after the latest political upheaval and comments from theAlso exerting downside pressure on the greenback’s gauge versus the six major currencies, which in turn favor the XAU/USD buyers, is the market’s latest rejection of the Fed’s 1.
It should be noted that the DXY managed to reverse Thursday’s notable losses after upbeat US data and hawkish Fedspeak on Friday. USremained unchanged with 0.0% growth for September versus 0.2% expected 0.4% upwardly revised prior. Further, the preliminary readings of the Michigan Consumer Sentiment Index for October were 59.8, better than the forecasted figure of 59 and 58.6 previous readings.
Amid these plays, S&P 500 Future ignores Wall Street’s downside close and rises half a percent while the US 10-year Treasury yields struggle to extend the latest upside near the 4.0% threshold. Looking forward, updates from China’s annual Congress meeting and the UK may entertain XAU/USD traders, which in turn suggests more chances for the metal’s further recovery amid a lack of major data/events during the week.Gold price rebounds from a three-week-old horizontal support zone, backed by a firmer RSI . In doing so, the precious metal prices approach the 61.
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