Gold Price Forecast: XAUUSD refreshes 2 ½ month highs, eyeing the 200-DMA – by christianborjon Gold XAUUSD Commodities Metals
Gold prices marched firmly following the release of a soft United States Consumer Price Index in October.Federal Reserve policymakers agreed to slow down the pace of rate hikes and clarified they’re not easing policy.
Following the data release, a slew of Federal Reserve officials commented that it was “appropriate” to slow the pace of interest-rate hikes. Nevertheless, most of them commented that the Fed is still tightening monetary policy, as the Dallas Fed President Lorie Logan said that “a slower pace should not be taken to represent easier policy.”
Ahead in the US calendar, the University of Michigan Consumer Sentiment will be informed at 15:00 GMT, with expectations lying at 59.5, and inflation expectations will be updated.The XAUUSD is testing the August 25 daily high at $1765.48. After hitting a daily high of $1766.62, the yellow metal slid below the latter, and Gold remains above Thursday’s $1757.26 high. Of note, the Relative Strength Index , at bullish territory, suggests further upside ahead.
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