Gold Price Forecast: XAU/USD aims to recapture $1,700 as DXY displays momentum loss – by Sagar_Dua24 Gold XAUUSD Fed DollarIndex Inflation
equired to initially recapture the psychological resistance of $1,700.00 to establish a rebound base and a follow-up recovery extension will be set on autopilot mode. The yellow metal has attempted a recovery as the US dollar index is displaying exhaustion signals after a juggernaut rally.
Earlier, gold prices witnessed a bloodbath after a surprise rebound in the US inflation rate. As consensus for the inflation rate was meaningfully lower led by a fall in gasoline prices, investors had started betting that the pace of hiking interest rates by the Federal Reserve would slow down now. The already troublesome job of Fed policymakers is going to be more laborious now as core CPI that excludes food and
has stepped up to 6.3% vs. the expectations of 6.1% and 40 basis points higher than the prior release.data will be a key trigger. The economic data is not showing any sign of improvement in the overall demand.are attempting to reclaim the prior consolidation area formed in a narrow range of $1,697.12-1,709.62 on an hourly scale. An occurrence of the same will result in a fakeout and the odds of a bullish reversal will get bolstered.
The yellow metal is auctioning below the 20-period Exponential Moving Average band. The Relative Strength Index is oscillating in the 20.00-40.00 range but the downside momentum seems to fade away.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: Megaphone advocates XAU/USD volatility above $1,690, US data, Fed in focusGold Price Forecast: Megaphone advocates XAU/USD volatility above $1,690, US data, Fed in focus – by anilpanchal7 Gold XAUUSD RiskAppetite Fed Inflation
Read more »
Gold Price Forecast: XAU/USD bears take on bulls below key daily resistanceThe price of gold was pressured on Tuesday and has fallen by over 1.3% on the day. At the time of writing, the yellow metal is testing the $1,700 leve
Read more »
Gold Price Forecast: US CPI Sparks Next Leg Lower - Levels for XAU/USDGold prices are barely holding above 1700 after the August US inflation report surprised markets. The US Dollar (via the DXY Index) rebound, alongside higher US Treasury yields and US real yields, is weighing on gold prices.
Read more »
Gold Price Forecast: XAU/USD remains poised to test $1,688 key support – Confluence DetectorGold price is consolidating the previous sell off, as bears are taking a breather before resuming the next leg lower. A pause in the US Treasury yield
Read more »
Gold Price Forecast: XAU/USD bears meet critical support, eyes on bullish correctionGold is back under pressure, losing some 0.32% after falling from a high of $1,707.15 to a low of $1,696.51 so far. The US dollar is attempting a come
Read more »
Gold Price Forecast: XAU/USD jostles with $1,730 hurdle ahead of US inflationGold price (XAU/USD) grinds higher around a fortnight top after a two-day uptrend to $1,725 as traders await the all-important US Consumer Price Index
Read more »