Gold Price Forecast: XAU/USD bears eye $1,900 with US/China data, Fed Minutes in mind – by anilpanchal7 Gold XAUUSD Fed Macroeconomics China
kend. That said, the XAU/USD dropped for three consecutive weeks in the last, falling the most since mid-June at the latest, amid firmer US Treasury bond yields and the US Dollar. Also weighing on the Gold Price could be the fears emanating from China. It should be noted that a slew of data from the United States and China stand tall to challenge the XAU/USD moves this week.
That said, the US PPI improved to 0.3% MoM and 0.8% YoY for July versus 0.0% and 0.2% respective priors. That said, the Core PPI reprinted 2.4% yearly figures for the said month compared to 2.3% anticipated. Further, the preliminary readings of the Michigan Consumer Sentiment Index CSI edged lower to 71.2 for August versus 71.6 prior and 71.0 market forecasts. Additionally, UoM 5-year Consumer Inflation Expectations eased to 2.9% for August versus 3.0% expected and prior.
Elsewhere, China allows the local governments to use the provincial-level governments to raise about 1 trillion yuan via bond sales to repay the debt of local-government financing vehicles and other off-balance sheet issuers, per Bloomberg. Thejustifies the market’s confidence in the Chinese policymakers’ capacity to avoid recession and keep a tab on the US Dollar and prod the Gold sellers.
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