Gold Price Forecast: XAU/USD looks to regain $1,700 as traders brace for Fed – by anilpanchal7 Gold XAUUSD RiskAppetite Fed China
Yields, stocks improved but DXY pares previous gains.Pre-Fed anxiety to keep XAU/USD on a dicey ground but US dollar pullback may entertain countertrend traders.
The market began the key week comprising multiple central bank announcements in a dicey mode amid a lack of major updates and bank holidays in Japan and the UK. Also keeping the bullion traders cautious were mixed updates surrounding China and the US dollar’s sluggish performance before Wednesday’s Federal Open Market Committee .
US President Biden said, “I'm more optimistic than I have been in a long time.” The national leader also stated that they are going to get control of inflation. However, US President Biden’s readiness to back Taiwan in case China attacks Taipei and the hawkish hopes for the Fed seemed to weigh on the gold price ahead of the key monetary policy announcements.
Moving on, a few more US housing data and the full markets will entertain the XAU/USD traders ahead of the key Wednesday. Given the already priced-in Fed rate hike, the gold price may witness a recovery in case the FOMC fails to provide any major hawkish reason to back the monetary policy tightening.
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