Gold Price Forecast: XAU/USD retakes $2,000 amid softer US Dollar, focus remains on US GDP – by hareshmenghani Gold Commodities Fed GDP XAUUSD
s the $2,000 psychological mark in the last hour and moves well within the striking distance of the weekly high touched the previous day.The US Dollar struggles to capitalize on the overnight bounce from a nearly two-week low and remains on the defensive for the second successive day, which, in turn, is seen lending support to the Gold price.
On the flip side, weakness below the $1,990-$1,988 immediate support could attract some buyers near the $1,980 level, which should help limit the downside near the $1,969 horizontal zone. Some follow-through selling will be seen as a fresh trigger for bearish traders and make the Gold price vulnerable to test the next relevant support near the $1,956-$1,955 area. The XAU/USD could eventually drop to the monthly low around the $1,950 region.
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