Gold Price Analysis: XAU/USD bears are moving in from a weekly 38.2% Fibo resistance By ross_burland Gold Commodities DollarIndex
attempts to correct from the lowest levels since the last trading week of April. Gold prices are headed for a second consecutive month of declines as rising US Treasury yields discourage investors from the non-yeilding asset, despite concerns over surging inflation.
Investors' nerves were shaken up by the US Federal Reserve Governor Christopher Waller who on Monday advocated for the central bank to raise interest rates at every meeting until inflation is curbed. Specifically, Waller said “I support tightening policy by another 50 bp for several meetings. In particular, I am not taking 50 bp hikes off the table until I see inflation coming down closer to our 2% target.
What’s really changed is that rates are seen peaking in mid-2023 before falling in H2 23 and beyond, the analysts added. ''This would only happen if the US were to fall into recession next year and while it is possible, it is not our base case. This week’s data will be very important for near-term market expectations.''is critical at the last trading of this week, but before then, ahead of the jobs report, important survey data will be reported.
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