Gold Price Forecast: XAU/USD bulls take on resistance, eye $2,050 Gold XAUUSD Commodities DollarIndex Fed
by an additional 25 basis points at its May 2-3 meeting, down from around 76% before the data. This is sending the US Dollar lower on the day and into technical support and has benefitted the Gold price as higher rates to tame rising price pressures have otherwise weighed on the non-yielding asset's appeal. Traders have positioned for one more hike in May followed by 2-to-1 bets of a pause in June.
´´However, if the market increasingly feels the May hike could be the last of the cycle, with cut timing also top of mind, it could be the catalyst needed to see gold challenge the highs yet again. With that said, CTAs could add fuel to the fire with the next upside trigger sitting at $2,064,´´ the analysts added.
As for the Federal Reserve Open Market Committee minutes, they showed that the staff at the Committee are forecasting a mild recession later in 2023."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.
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