The recent upward rebound attempts of XAU/USD gold price failed, as its gains did not exceed the resistance level of $1937 an ounce.
The price of gold fell after strong US economic readings, as investors placed themselves before Federal Reserve Chairman Jerome Powell's speech and more data that could provide clues to raising interest rates in the future
Commenting on the performance of the gold market. “Gold didn't like the news, because better economic data will drive the Fed's tightening outlook and that should lift yields as well,” said Edward Moya, senior market analyst at OANDA. Bullion prices rose briefly on Monday on the risks of a short-term rebellion in Russia. Investors are now awaiting Federal Reserve Chairman Jerome Powell's upcoming speech, along with a batch of key economic data on Thursday.
For the first time since early 2022, the US Consumer Confidence report showed that a greater proportion of people expected higher stock prices than lower stock values, according to Bespoke Investment Group. While a return of bullish sentiment can be a contrarian indicator of a negative reversal, the research firm notes that this has not been the case historically. Since 1987, only three other periods have shown net negative readings in bullish sentiment for at least nine months, Bespoke said.
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