Gold Price Forecast: XAU/USD bulls are in control and take on a key resistance area – by fx_ross Gold XAUUSD DollarIndex Fed CPI
. At the time of writing, gold is 0.75% higher on the day having travelled from a low of $1,712.04 to a high of $1,735.18 so far, piercing into the 61.8% Fibonacci of the daily bear impulse.
A weaker USD saw commodity markets recover some of the losses at the start of this week and gold has been no exception, despite expectations of another aggressive rate hike by the Federal Reserve next week.rose along with gold and crude oil futures after midday on Monday, while government bond yields fell with the dollar index. The US 10-year rate slipped 3.262% intraday from 3.346% while the dollar index weakened against a basket of currencies, including the euro, falling 0.8% to 107.81.
Markets are seeking further evidence inflation has peaked in the US and the data will be important for the direction of yields, gold and the greenback. However, Federal Reserve officials said last week that more than a few months of consistently lower readings will be needed to assure that price increases have reliably slowed.
Fed officials are in the so-called quiet period through the Sept. 20-21 Federal Open Market Committee meeting. It remains in place until Chair Powell’s post-decision press conference on September 21. WIRP suggests over 90% odds of a 75 bp hike. ''Overall, we continue to expect that while rates markets appear to be nearing a fair pricing for Fed funds, precious metals' price action is still not consistent with their historical performance when hiking cycles enter into a restrictive rates regime,'' analysts at TD Securities said.
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 defends monthly resistance break above $1,700, US inflation eyedGold Price Forecast: XAU/USD defends monthly resistance break above $1,700, US inflation eyed – by anilpanchal7 Gold XAUUSD Inflation RiskAppetite Politics
Read more »
Gold Price Forecast: XAU/USD senses selling pressure around $1,720, US Inflation hogs limelightGold Price Forecast: XAU/USD senses selling pressure around $1,720, US Inflation hogs limelight – by Sagar_Dua24 Gold XAUUSD Fed Inflation RiskAppetite
Read more »
Gold Price Forecast: XAU/USD sees a downside towards $1,700 on lower consensus for US InflationGold Price Forecast: XAU/USD sees a downside towards $1,700 on lower consensus for US Inflation – by Sagar_Dua24 Gold XAUUSD DollarIndex Fed Inflation
Read more »
Gold Price Forecast: XAU/USD needs acceptance above $1,730-$1734 to regain tractionGold price turns south after Friday’s rebound. XAU/USD could regain traction on a sustained move above $1,730-$1734, FXStreet’s Dhwani Mehta reports.
Read more »
Gold Price Forecast: XAU/USD to rebound on soft US inflation reportLast week, gold failed to make a convincing move in either direction. August inflation data from the US next week could have a significant impact on g
Read more »
Gold Price Forecast: XAU/USD retreats from two-week high, still well bid around $1,725 areaGold Price Forecast: XAU/USD retreats from two-week high, still well bid around $1,725 area – by hareshmenghani Gold Commodities Fed Inflation XAUUSD
Read more »