Gold Price Forecast: XAU/USD lacks any firm intraday direction, flat-lines around $1,950 area – by hareshmenghani Gold Commodities CentralBanks InterestRate XAUUSD
Chair Jerome Powell's two-day congressional testimony, which will be scrutinized for fresh clues about the US central bank's policy outlook and help determine the near-term trajectory for the XAU/USD.In the meantime, the markets have been pricing in the possibility of another 25 bps lift-off in July as inflation in the US is still trending well above the central bank’s 2% annual target.
On the flip side, the $1,962-$1,964 region is likely to act as an immediate hurdle ahead of the $1,970-$1,972 supply zone. This is followed by the $1,983-$1,985 barrier, above which a bout of a short-covering should allow the to reclaim the $2,000 psychological mark and climb further towards the next relevant barrier near the $2,010-$2,012 region.
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