Gold Price Forecast: XAU/USD remains defensive, focus on United Sates Treasury bond yields, Retail Sales Gold SEO RetailSales XAUUSD Commodities
policymakers are starting to consider a slower pace of interest-rate hikes after a likely 50 basis-point step in February.”
China's Q4 GDP rose 2.9% YoY versus the 1.8% expected and 3.9% prior. Further details suggest that the Industrial Production for December grew 1.3% YoY versus 0.5% market forecasts and 2.2% prior readings. Additionally, Retail Sales improved to -1.8% YoY for December compared to -7.8% consensus and -5.9% prior. Even so, the NBS said that the foundation for economic recovery is not solid yet.
Given the 50-Hour Moving Average adding strength to the immediate upside hurdle surrounding $1,915, the sluggish MACD and RSI positions hint at the further weakening of the XAU/USD.
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