Gold Price Forecast: XAU/USD keeps bounce off $1,950 support confluence with eyes on Fed – by anilpanchal7 Gold XAUUSD Fed RiskAversion China
stating China state banks’ defense of the Yuan , by selling the US Dollar, also seemed to have weighed on the US Dollar and propelled the Gold Price.
Looking ahead, the talks of the US central bank’s 0.25% rate hike are loud and clear and hence the same won’t affect the US Dollar Index much. As a result, comments from Fed Chairman Jerome Powell will be crucial to watch for clear directions.Gold Price Technical Analysis Adding strength to the XAU/USD recovery are the bullish signals from the Moving Average Convergence and Divergence indicator, as well as upbeat prints of the Relative Strength Index line placed at 14.
Following that, the 61.8% Fibonacci retracement of the May-June downside, near $2,010, may test the Gold buyers past $1,986.
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