Gold Price Forecast: XAU/USD holds steady around $1990s after data shows persistent inflation Gold XAUUSD Commodities Metals
s at high levels, justifying the need for further tightening by the US Federal Reserve. After hitting a daily low of 1976.31, the XAU/USD is trading at $1992.93, up 0.28%.US equities continued to climb. A report by the US Department of Commerce showed inflation in the United States had decelerated, with the Personal Consumption Expenditure rate slowing from 5.1% to 4.2% in YoY readings. The monthly growth rate increased to 0.1%, below the prior month’s 0.3%.
In other data, the University of Michigan Consumer Sentiment remained unchanged at 63.5, with inflation expectations for 1-year standing at 4.6% and a 5-year horizon at 3%.During the week, XAU/USD faltered to break below/above the $1970-$2010 range, hovering on each side of the 20-day Exponential Moving Average at $1989.35. Although the latter was broken four times weekly, the EMA turned flat, suggesting that sideways trading will continue in the XAU/USD.
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