Gold Price (XAU/USD) drops to the fresh low in five months before consolidating around $1,890 as market players seek more clues to extend the previous
Hawkish Federal Reserve bias, China woes join mostly upbeat US data to propel US Dollar and yields.Gold Price drops to a fresh low in five months before consolidating around $1,890 as market players seek more clues to extend the previous downturn, backed by the hawkish Federal Reserve concerns and the risk-off mood.
wave and firmer yields can keep the US Dollar on the front foot, which in turn will prod the XAU/USD rebound unless witnessing any strong positive data/news that can weigh on the Greenback and improve the mood.Gold Price Forecast: XAU/USD sees a dead cat bounce, downside favored whilst below 200 DMAAs per our Technical Confluence, the Gold Price stays well beneath the $1,917-18 resistance confluence, comprising the Fibonacci 161.8% on one-day, 200-HMA and Pivot Point one-month S1.
It’s worth noting, however, that the $1,888 level including the lower band of the Bollinger on the hourly play and the Pivot Point one-week S2 restricts the immediate downside of the Gold Price.
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