Gold Price Forecast: XAU/USD bears flex muscles ahead of United States inflation Gold XAUUSD SEO Inflation Fed
Firmer United States statistics, US Treasury bond yields help Federal Reserve hawks and weigh on Gold price.US Consumer Price Index, China-linked headlines will be crucial to convince Gold sellers amid US Dollar rebound.
On Friday, the preliminary readings of the US University of Michigan Consumer Sentiment for February rose to 66.4 versus 65.0 expected and 64.9 prior. Further, the UoM noted that the year-ahead inflation expectations rebounded to 4.2% this month, from 3.9% in January and 4.4% in December. “Long-run inflation expectations remained at 2.9% for the third straight month and stayed within the narrow 2.9-3.1% range for 18 of the last 19 months,” Stated UoM.
It should be noted that Philadelphia Federal Reserve President Patrick Harker mentioned on Friday, “We want economy to keep growing, but also to get inflation under control, that's job one,” which in turn suggests hawkish bias at the Fed.In nearly one week, the United States brought down three by air-to-air missiles and allege China of spying, which in turn renewed geopolitical fears among the world’s top two economies and weigh on Gold price.
However, a daily closing below the 50-day Exponential Moving Average , currently around $1,857, appears necessary for the XAU/USD sellers to retake control.towards a four-month-old horizontal support zone near $1,805. It’s worth noting that the $1,800 round figure will act as an extra filter to the south.
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