Gold Price Forecast: XAU/USD bulls continue to chip away at $1,920 resistance Gold Commodities DollarIndex Fed SEO
US consumer Price Index and a disinflationary economic backdrop are fueling the Gold price higher. Gold price has been holding in at the bull cycle highs of $1,920 following last week's volatility that was driven by the Consumer Price Index, CPI, that fuelled a sell-off in the US Dollar, supporting risk assets and the Gold price higher.
''Core Personal Consumption Expenditures, PCE, has largely been in a 4.5-5.5% range since November 2021,'' they said. ''We think the Federal Reserve needs to see further improvement before even contemplating any sort of pivot.'' In a more recent commentary, analysts at TD Securities argued that ''while the precious metal space is no longer in a selling mode, there continues to be correction risk as it is not all certain that inflation has been defeated and that the US central bank is ready to get less restrictive anytime soon.''Federal Reserve's Patrick Harker said 25 bp hikes will be appropriate going forward as the days of 75 bp are “surely behind us.
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