Gold Price Forecast: XAU/USD extends recovery above $1,990 as USD Index corrects, US Inflation in spotlight Gold XAUUSD Fed Inflation YieldCurve
overy above $1,990.00 as the US Dollar Index has witnessed a correction after a five-day high at 102.81. The recovery move in the Gold price could be a pullback move only and the downside journey would resume as investors are expected to remain anxious ahead of theMeanwhile, S&P500 ended Monday’s session with nominal gains as the recovery move came post a gap-down opening due to volatility inspired by the extended weekend. The US Treasury Yields recovered losses and settled above 3.
This week, the annual Average Hourly Earnings data softened further to 4.2% but is well above against consistency required to tame stubborn inflation. Going forward, the US Consumer Price Index data will remain in the spotlight. A surprise rebound in the US inflation would cement the need for one more rate hike from the Fed. As per the consensus, the headline inflation will soften to 5.2% from the former release of 6.0%. Also, monthly headline CPI would decelerate to 0.3% from 0.4% reported earlier. While annual core inflation that excludes oil and food prices could surprisingly jump to 5.6% from the former release of 5.5%.
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