Gold Price Forecast: XAU/USD grinds higher, United States Consumer Confidence, Treasury bond yields eyed – by anilpanchal7 Gold XAUUSD SEO CentralBanks YieldCurve
hree weeks. That said, the US Dollar’s weakness and receding fears of the economic slowdown, as per the Treasury bond yields curve inversion, seemed to have favored the XAU/USD bulls previously. However, the cautious mood ahead of the keyGold buyers cheer softer US Dollar, a gauge of the US Dollar’s move versus the major six currencies, dropped the most in a week, down 0.67% intraday to 103.95 while marking a two-day downtrend.
Bank of Japan rocked markets the previous day and fuelled the Gold price with a surprise move that suggests lesser funds flowing outside Japanese bond markets due to a policy tweak. The Japanese central bank kept the monetary policy unchanged but widened the band of Yield Curve Control to -/+ 0.5% from -/+0.25% prior.
prices the previous day. It’s worth noting, however, that recently softer China economics and mixed concerns surrounding Covid challenge Gold buyers.Having witnessed a solid run-up, Gold buyers seem to take a breather after the United States Conference Board Consumer Confidence figures for December, expected 101.00 versus 100.00 prior.
On the contrary, a convergence of the 21-DMA and the stated wedge’s lower line offers a tough nut to crack for the Gold bears, around $1,780. That said, the $1,800 round figure could restrict the short-term downside of the Gold price.
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