Gold Price Forecast: XAU/USD rebounds inside weekly bearish channel, Covid, Treasury yields in focus – by anilpanchal7 Gold XAUUSD YieldCurve Fed Coronavirus
S Dollar retreat amid a likely sluggish day ahead of the key data/events scheduled for publishing on Wednesday. drops to 107.55, down 0.25% intraday while snapping a three-day uptrend. The greenback’s gauge traces the US Treasury yields amid recent challenges to the hawkish concerns surrounding the US Federal Reserve .
The US 10-year Treasury yields print the first daily loss in four, down one basis point near 3.81% by the press time, as the latest comments from the Federal Reserve officials fail to bolster the previously hawkish bias. of Cleveland President Loretta Mester said in a CNBC interview, “I think we can slow down from 75 at the December meeting.” Previously, Atlanta Federal Reserve President Raphael Bostic also turned down the 75 bps move and challenged the DXY bulls.
On the other hand, seven-month high daily coronavirus cases from China renewed supply-crunch fears and keeps the US Dollar buyers hopeful ahead of tomorrow’s preliminary readings of the monthly activity data and the Federal Open Market Committee Meeting Minutes. Additionally keeping the Gold buyers hopeful are the latest headlines from Nikkei Asia suggesting that China is likely stockpiling the metal while unloading the US Treasury
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