Gold Price Forecast: XAU/USD keeps the red below $2,000 amid modest US Dollar strength – by hareshmenghani Gold Commodities Fed Recession XAUUSD
to catch fresh bids on Frida, which, in turn, is seen driving flows away from the US Dollar-denominated Gold price. In fact, the current market pricing indicates over an 80% chance of a 25 bps lift-off at the next Federal Open Market Committee in May and a small possibility of another rate hike in June. The bets were lifted by the overnight hawkish comments by Cleveland Fed President Loretta Mester, saying that the central bank still has more rate increases ahead of it.
The data comes amid worried about economic headwinds stemming from rising borrowing costs and tempers investors' appetite for riskier assets, which is evident from a softer tone around the equity markets and might lend support to the safe-haven Gold price. The global flight to safety, meanwhile, leads to a further decline in the US Treasury bond yields and keeps a lid on any meaningful upside for the USD.
On the flip side, the $2,010 area now seems to have emerged as an immediate strong barrier. A sustained strength beyond might trigger a fresh bout of a short-covering and lift beyond the $2,020 intermediate hurdle, towards the $2,040 horizontal resistance en route to the YTD peak, around the $2,047-$2,049 region.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD remains sideways below $2,000 ahead of preliminary US S&P PMI dataGold price (XAU/USD) is displaying topsy-turvy moves around $1,994.00 in the early European session. The precious metal is in a directionless mode as
Read more »
Gold Price Forecast: XAU/USD plummets to over two-week low amid resurgent US Dollar demandGold Price Forecast: XAU/USD plummets to over two-week low amid resurgent US Dollar demand – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
Read more »
Gold Price Forecast: XAU/USD bears move in to test key supportThe Gold price is down some 0.5% on the day, sliding below the $2,000 mark as the US Dollar perks up again. US Treasury yields are moving higher towar
Read more »
Gold Price Forecast: XAU/USD struggles even as geopolitical, inflation fears propel US Dollar, yieldsGold price (XAU/USD) remains on the way to consecutive second weekly loss despite being inactive around $2,000 of late, licking its wounds near $1,995
Read more »
Gold Price Forecast: XAU/USD edges higher amid weaker US Dollar, lacks follow-throughGold Price Forecast: XAU/USD edges higher amid weaker US Dollar, lacks follow-through – by hareshmenghani Gold Commodities Fed RiskAversion XAUUSD
Read more »
Gold Price Forecast: XAU/USD surges beyond $2,000 spurred by weak USD on poor jobs dataGold price climbs and reclaims the $2,000 after traveling towards weekly lows on Wednesday at $1,969.34, though economic data from the United States (
Read more »