Gold Price Forecast: XAU/USD rebound eyes $1,670 hurdle amid softer DXY – by anilpanchal7 Gold XAUUSD RiskAppetite Fed Commodities
That said, the US Dollar Index remains on the back foot around 111.85, taking rounds to intraday low while struggling to extend the week-start gains amid the cautious optimism in the market and the downbeat US data, as well as an absence of Fedspeak.
The US 10-year Treasury yields remain pressured around 4.21%, down two basis points , while the S&P 500 Futures track Wall Street’s gains to print a mild 0.20% intraday upside. Ex-Chancellor’s victory in the UK Prime Minister’s race joins the mildly positive German Services PMI for October, despite being in the contraction zone, keeps the market’s mood positive amid mixed earnings. Also, the latest round of the Fedspeak appeared to have faded the previous hawkish tone and might have been the reason to trigger the chatters over the easy rate hike from December, which in turn favor the cautious optimism and weigh on the DXY.
Alternatively, a jump in the inflation precursors, as per the 10-year and 5-year breakeven inflation rates per the St. Louis Federal Reserve data, to a two-month high in their latest readings keep the gold bears hopeful. On the same line could be the CME’s FedWatch Tool that prints a nearly 95% chance of a 75 bps Fed rate hike in November.could test XAU/USD buyers amid an absence of the Fed speakers.
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