Gold Price Forecast: XAU/USD grinds higher ahead of United States Gross Domestic Product Gold XAUUSD SEO GDP PMI
and the Federal Reserve’s silence period. Even so, the bright metal stays near the highest levels since April 2022 as XAU/USD bulls await the first readings of activity data for January and the advanced estimates of the United States’ Gross Domestic Product for the fourth quarter 2022.
Federal Reserve Governor Christopher Waller was the last from the US central bank speakers to cross the wires before the stipulated mum-period ahead of the February Federal Open Market Committee meeting. The policymaker said, “He favors a 25 basis point rate hike at the upcoming meeting and continued policy tightening beyond that.
That said, above 50 level of the Relative Strength Index line, placed at 14, as well as the Moving Average Convergence and Divergence indicator’s easing bearish signals keeps the buyers hopeful. Even if the quote breaks the stated resistance-turned-support line, an upward-sloping support line from January 11 and the 200-Hour Moving Average , respectively near $1,913 and $1,904, could probe the XAU/USD bulls before the $1,900 key support.
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