Gold Price Forecast: XAU/USD bears approach $1,930 support on US debt ceiling extension, NFP eyed Gold XAUUSD Politics Fed RiskAversion
the ‘catastrophic’ default on early Monday. In doing so, the XAU/USD takes clues from the uncertainty surrounding the deal’s passage through the US Congress, as well as the hawkish Federal Reserve concerns. Additionally, the cautious mood ahead of this week’s US Nonfarm Payrolls also favors the Gold sellers.Gold price justifies the market’s fears of the United States default, despite the latest agreement on the US debt limited extension.
That said, US President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling through January 2025. The deal, however, lacks support from some of the extreme leftists and rightists due to the compromise each party had to do to reach the agreement.
Given the optimism surrounding the US debt ceiling deal, coupled with the nearness to short-term key technical support, the Gold sellers should remain cautious ahead of the key United States Nonfarm Payrolls.Apart from the US debt ceiling concerns, upbeat US data and comments from the International Monetary Fund Managing Director Kristalina Georgieva also favor the Gold sellers.
In the last week, US PMIs, the second estimate of the first quarter 2023 Gross Domestic Product , Durable Goods Orders and the Core Personal Consumption Expenditure Price Index for the said month, known as the Fed’s preferred inflation gauge, marked upbeat details in their latest readings. On Friday, US Durable Goods Orders for April came in better-than-forecast to 1.1% from 3.3% prior, versus -1.0% expected.
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