Gold Price Forecast: XAU/USD moves back above $2,000 amid weaker USD, bulls lack conviction – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
he XAU/USD sticks to its modest intraday gains, around the $2,000 psychological mark, through the first half of the European session, though the intraday uptick lacks bullish conviction. comes under some selling pressure and for now, seems to have stalled a two-day-old recovery trend from a one-year low touched last week. This, in turn, is seen lending some support to the US Dollar-denominated Gold price, though a combination of factors keeps a lid on any meaningful appreciating move.
amid a rise in short-term inflation expectations. This, along with a positive tone around the equity markets, might hold back traders from placing aggressive bullish bets around the XAU/USD.The University of Michigan's preliminary report released last Friday showed that one-year inflation expectations rose from 3.6% to 4.6% in April. Furthermore, Fed Governor Christopher Waller on Friday called for further rate hikes and said that the job was still not done as inflation remains far too high.
, featuring the release of Building Permits and Housing Starts later during the early North American session. This, along with the US bond yields, will influence the USD price dynamics and provide some impetus to Gold price. Apart from this, traders will take cues from the broader risk sentiment to grab short-term opportunities around the XAU/USD.From a technical perspective, the $1,980 area now seems to have emerged as an immediate strong support.
On the flip side, bulls might now wait for a move beyond the overnight swing high, around the $2,015-$2,016 area before placing fresh bets. The might then climb to the YTD peak, around the $2,047-$2,049 region touched last Thursday, before climbing further towards retesting the all-time high, around the $2,070-$2,075 region set in August 2020.
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