Gold Price Forecast: XAU/USD bulls eye United States inflation, efforts to tame Silicon Valley Bank risk Gold SEO RiskAppetite XAUUSD Inflation
e of the early Asian session on Monday. In doing so, the precious metal struggles to extend the previous two-week uptrend as the United States Treasury Department and Federal Reserve take action to defend the financial market crisis risk emanating from Silicon Valley Bank. That said, the XAU/USD ignored better than forecast US Nonfarm Payrolls to renew the one-month high, before rallying to a five-week top earlier in the day, as the US Dollar traced downbeat Treasury bond yields.
Adding strength to the bullish bias surrounding the XAU/USD is a successful upside break of a nine-week-old horizontal hurdle, now immediate support near $1,860, as well as the 50-DMA level surrounding $1,872. With this, the XAU/USD run-up towards the 23.6% Fibonacci retracement level surrounding $1,904, as well as a challenge to the previous monthly top of near $1,960, can’t be ruled out.
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