Gold Price Forecast: XAU/USD tests bullish impulse as United States data, debt ceiling talks loom Gold XAUUSD SEO RiskAversion Politics
data and Federal Reserve talks, not to forget unclear statements from the US policymakers ahead of the key debt ceiling talks scheduled for 19:00 GMT.Gold price licks its wounds, despite the latest retreat, after snapping a two-week uptrend in the last. In doing so, the precious metal benefits from the downbeat US Dollar and hopes for more demand from China, one of the key XAU/USD consumers.
Elsewhere, the People's Bank of China’s optimism also underpins the Gold price upside. That said, PBOC keeps the one-year Medium-term Lending Facility unchanged at 2.75%, per the latest update. Additionally, the Chinese central bank also released its quarterly economic report stating that China's economy isn’t experiencing deflation and that economic growth is set to rebound sharply.
While the aforementioned catalysts allowed the Gold price to remain firmer, the market’s cautious mood recently prod the XAU/USD bulls. Moving on, crucial statistics from China and the US may entertain the Gold traders before the key US debt ceiling talks. In case the US policymakers offer a positive surprise to the markets, the odds of witnessing a rally in the Gold price can’t be ruled out.Gold price prods lower line of a two-month-old bullish channel as the XAU/USD traders brace for the key United States Retail Sales and debt ceiling negotiations among the US policymakers.
Even if the Gold price drops below $2005, the $2,000 round figure may act as an extra filter towards the south before directing the XAU/USD towards the mid-April swing low of around $1,970.
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