Gold Price Forecast: XAU/USD bulls focus on Federal Reserve Chairman Powell, United States jobs report Gold XAUUSD SEO Fed NFP
y hour of Monday’s Asian session, despite retreating from the highest levels in two weeks to around $1,857.
That said, US ISM Services PMI for February came in as 55.1 versus 54.5 market expectations and 55.2 market forecasts. The inflation component of the PMI survey, the Price Paid sub-index, edged lower to 65.6 in February from 67.8 but surpassed analysts' estimate of 64.5. The New Orders sub-index rose to 62.6 from 60.4 and the Employment Index advanced to 54 from 50 in the same period.
It should be noted, however, that the US Treasury bond yields initially refreshed the multi-month high before weighing on the US Dollar, as well as allowing the Gold buyers to retake control. The reason could be linked to the unimpressive US data and the market’s receding fears of recession, mainly favored by headlines from China. That said, the US 10-year Treasury bond yields rose to the highest levels since November 2022 before easing to 3.
As a result, the XAU/USD price is likely to continue the latest run-up towards the $1,870 resistance confluence, including the 50-DMA and 38.2% Fibonacci retracement.
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