Gold Price Forecast: XAU/USD bulls stay the course across dynamic daily support Gold Fed Commodities CPI DollarIndex
A break above $2,030 could encourage more buying pressure toward the target.
The Gold price climbed above $2,028/oz after briefly dipping to $1,990/oz on Monday which leaves the bulls in charge as per price action and market structure, as illustrated below. Meanwhile, the market is also taking its cues on the fundamentals with respect to softening US data, in the main, and the sentiment surrounding the Federal Reserve. climbed 0.1% in March after advancing 0.4% in February, compared with a forecast of 0.2% gain in a Reuters poll.
Then followed the Federal Open Market Committee minutes. These revealed very little in the way of cues ahead of next month´s interest rate decision, but there was nothing to shift the focus away from a dovish narrative. The"Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years.
"In assessing the economic outlook, participants noted that since they met in February, data on inflation, employment, and economic activity generally came in stronger than expected.
´´The minutes have confirmed our view that the FOMC will deliver a final hike of 25 bps at the May meeting and then remain on hold for the remainder of the year.,´´ analysts at Rabobank said. ´´Today’s CPI report underlines the importance of staying the course because core inflation remains persistent at a high level,´´ the analysts added.
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 bulls move in at key H4 supportGold price finished the day on Tuesday tailing off from the New York session highs that were put in on a soft US Dollar ahead of Wednesday's US inflat
Read more »
Gold Price Forecast: XAU/USD bulls await United States inflation, Federal Reserve Minutes for fresh rallyGold price (XAU/USD) grinds higher past $2,000, mildly bid near $2,005 during early Wednesday in Asia. In doing so, the bright metal cheers a broad US
Read more »
Gold Price Forecast: XAU/USD bulls take on resistance, eye $2,050Gold price has been drawing its strength on Wednesday from a slide in the US Dollar and benchmark US yields as signs of cooling inflation bolstered be
Read more »
Gold Price Forecast: XAU/USD bulls cheer downbeat US Treasury bond yields, US DollarGold price (XAU/USD) remains sidelined around $2,015, mildly bid during the three-day uptrend, as broad-based US Dollar weakness joins downbeat United
Read more »
Gold Price Forecast: XAU/USD reaches near $2,000 after recovery as investors ignore hawkish Fed betsGold price (XAU/USD) has taken its recovery to near the psychological resistance of $2,000.00 in the Asian session. The precious metal has regained tr
Read more »
Gold Price Forecast: XAU/USD clings to gains just above $2,000 amid weaker US DollarGold price attracts fresh buying on Tuesday and snaps a two-day losing streak to the $1,982-$1,981 region, or a three-day low touched the previous day
Read more »