Gold Price Forecast: XAU/USD remains depressed near $1,830 area amid stronger US Dollar – by hareshmenghani Gold Commodities Fed Bonds SEO
remains depressed around the $1,830 area through the early European session and for now, seems to have snapped a three-day winning streak to a one-week high touched on Wednesday. regains positive traction and reverses a part of the previous day's sharp retracement slide from a multi-week high. This, in turn, is seen as a key factor exerting some downward pressure on the US Dollar-denominated Gold price.
maintained the view the policy rate needs to rise to the 5.00%-5.25% range and remain at that level well into 2024. Adding to this, Minneapolis Fed President Neel Kashkari reiterated that inflation in the US is still very high and that their job is to bring it down. Karikari also noted that the risk of under-tightening is greater than the risk of over-tightening.
On the flip side, any subsequent decline might now find some support near the $1.822-$1,821 region ahead of the $1,810 level and the weekly low, around the $1,805-$1,804 zone. This is closely followed by the $1,800 round-figure mark and the 100-day SMA, currently around the $1,795 area. A convincing break below the said support levels will be seen as a fresh trigger for bearish traders and make Gold prices vulnerable to slide further.
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