Gold Price Forecast: XAU/USD bears eye a move to a 61.8% Fibo, but bulls test key resistance – by fx_ross Gold Commodities DollarIndex Fed
rose by just 3% annualized in June, which was down from a 4% rate in May. On Thursday, the price pressures were shown to have eased in June, with the Producer Price index rising 0.1% annualized from 1.1% in May.
The DXY is already down for the sixth straight day and traded at its lowest since April 2021 near 99.97. A close below 100.00 will open risk for a test of the late March 2022 low near 97.685. Looking to US Treasury yields, the 2-year traded as low as 4.622% today and has fallen nearly half a percentage point from last week’s peak near 5.12%. The daily charts show that the price is now in a resistance area and could be on the verge of a correction. The 61.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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: XAU/USD touches multi-week high, around $1,940 ahead of US CPIGold price builds on its recent goodish rebound from the vicinity of the $1,900 round-figure mark and continues scaling higher through the Asian sessi
Read more »
Gold Price Forecast: XAU/USD to solidify in a higher range after weaker inflation – TDSThe weaker US CPI print has seen Gold regain some of its shine. Economists at TD Securities analyze the yellow metal’s outlook. A final 25 bps rate in
Read more »
Gold Price Forecast: XAU/USD holds gains following Fed’s Beige BookOn Wednesday, the Gold spot XAU/USD gained more than 1% and jumped to a daily high of $1,958. In that sense, the yellow metal gained ground following
Read more »
Gold Price Forecast: XAU/USD refreshes three-week high above $1,940 as US CPI sets to soften furtherGold Price Forecast: XAU/USD refreshes three-week high above $1,940 as US CPI sets to soften further – by Sagar_Dua24 Gold XAUUSD Fed Inflation DollarIndex
Read more »
Gold Price Forecast: XAU/USD to retest record highs on a close above 55-DMA at $1,962 – Credit SuisseGold is set to find a floor as analysts at Credit Suisse look for following the decline to their $1,900/1,890 target, for an eventual retest of the $2
Read more »
Gold Price Forecast: XAU/USD’s recent weakening is likely to have come to an end – CommerzbankGold price has recovered and is back to $1,950. Economists at Commerzbank analyze the yellow metal’s outlook. Further upside potential towards the end
Read more »