Gold Price Forecast: Softer US Dollar underpins XAU/USD rebound, focus on US politics, employment data Gold XAUUSD Inflation Fed Politics
Gold Price Forecast: XAU/USD retakes $1,950 as investors hesitateGold Price marked the biggest daily gains in over a week the previous day as US Dollar Index traces downbeat Treasury bond yields amid month-end positioning, as well as due to the cautious mood ahead of the key catalysts. Also exerting downside pressure on the greenback, and favoring the XAU/USD, could be the mixed US data. grinds near its intraday low of 104.00 while keeping the previous day’s pullback from a 10-week high.
Talking about the US data, the Conference Board's Consumer Confidence Index edged lower to 102.30 for May from an upwardly revised 103.70 prior marked in April . Additional details of the survey report mentioned that the one-year consumer inflation expectations ticked down to 6.1% in May from 6.2% in April. Further, the DallasManufacturing Business Index for May dropped to -29.1 from -23.4 and versus -19.6 market expectations.
That said, a positive outcome of the Senate’s voting on the measures to avoid US default, which is very much likely, can topple the Gold buyers from the seat. Also, the US JOLTS Job Openings for April are likely to ease and hence a positive surprise from the same may strengthen the hawkish Fed bets and can recall XAU/USD bears. It’s worth noting, however, that any clear negatives from the US Congress won’t be taken lightly.
As a result, the metal appears to have a limited upside scope, which in turn highlights a convergence of the 21-DMA and 50-DMA, around $1995, as the short-term key resistance.
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