Gold Price Forecast: XAU/USD rebound needs validation from $1,788 and US inflation – by anilpanchal7 Gold XAUUSD Inflation Fed Commodities
In doing so, the yellow metal cheers the broad pullback in the US Dollar ahead of the key US Consumer Price Index for November. Also fueling the quote could be the market’s cautious optimism surrounding China and softer US Treasury yields. remains sluggish around 105.00 after rising in the last two consecutive days. The greenback’s latest inaction could be linked to the mixed signals surrounding the upcoming US inflation data, as well as mixed geopolitical headlines.
Elsewhere, optimism surrounding China’s gradual removal of the Zero-Covid policy also helps the XAU/USD buyers. That said, the government of Shanghai city announced on Monday that they will deem all districts as "not at risk of Covid" from Tuesday, December 13, as reported by Reuters. Earlier on Monday, Chinese officials announced that they will take the application used to track coronavirus cases offline later this week.
While portraying the mood, the US 10-year and two-year Treasury bond yields print the first daily loss in four around 3.59% and 4.36% in that order while the S&P 500 Futures print mild losses near 4,020 despite strong Wall Street close on Monday. It should be noted that the oil price improved and the US Dollar Index eased but the traders remain cautious overall.
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