Gold Price Forecast: XAU/USD fluctuates around $1840 on high US bond yields, risk-off mood Gold XAUUSD Metals
US business activity in February improved
US equities opened in the red as sentiment remains sour. S&P Global revealed that the US economy in February posted a recovery in business activity, with all the indices above estimates. However, as measured by the S&P Global Manufacturing PMI, manufacturing activity remained at 47.8 in the contractionary territory.
“Despite headwinds from higher interest rates and the cost of living squeeze, the business mood has brightened amid signs that inflation has peaked and recession risks have faded,” said Chris Williamson, a chief business economist at S&P Global Market Intelligence. He added that supply constraints had alleviated delivery times., a gauge of the buck’s value vs.
Geopolitical-wise, the US Secretary of State Anthony Blinken warned China not to provide further lethal military help to Russia in its invasion of Ukraine, adding that “serious consequences” would happen if it did so. In the meantime, US President Joe Biden visited Ukraine’s President Zelenskyy in Kyev, showing US support after Blinken’s comments.
Therefore, the XAU/USD first support would be the 100-day Exponential Moving Average at $1820.45, followed the last week’s low of $1818.97. A breach of the latter will expose the $1800 mark.
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