Gold Price Forecast: XAU/USD hangs near multi-week low, just above $1,900 mark – by hareshmenghani Gold Commodities Fed China XAUUSD
previous day. The XAU/USD manages to hold above the $1,900 mark, at least for the time being, though the bias still seems tilted in favour of bearish traders and supports prospects for an extension of the recent downward trajectory witnessed over the past four weeks or so.
The US Dollar holds steady just below its highest level in over two months and turns out to be a key factor undermining the Gold price. Growing acceptance that the Federal Reserve will keep interest rates higher for longer remains supportive of elevated US Treasury bond yields and continues to act as a tailwind for the Greenback.
Elevated US bond yields, meanwhile, further seem to weigh on the non-yielding Gold price, though concerns about the health of the global economy, particularly in China, help limit the downside. The market fears were further fueled by disappointing Chines data released this Tuesday, which showed that Retail Sales and Industrial Production grew less than anticipated in July.
Market participants now look forward to the US economic docket, featuring the release of monthly Retail Sales figures and the Empire State Manufacturing Index later during the early North American session. This, along with the US bond yields, might influence the USD price dynamics and provide some impetus to the
. Apart from this, the broader risk sentiment could contribute to producing short-term trading opportunities. Nevertheless, the fundamental backdrop, meanwhile, still seem tilted in favour of bearish traders.
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