Gold Price Forecast: XAU/USD shifts above $1,840 as DXY loses appeal on lower PMI forecasts By Sagar_Dua24 Gold XAUUSD PMI Fed Inflation
tal has witnessed a strong rally which has pushed the gold prices above $1,845.00. Considering the bullish momentum after a rebound, the bright metal is expected to kiss the round-level resistance of $1,850.00.index . The DXY has tumbled to near 104.37 and is expected to find more offers on lower guidance for the Purchase Managers Index data. The Composite PMI is seen higher marginally to 53.5 from the prior print of 53.4. The Manufacturing and Services PMIs dictate a severe underperformance.
The Services PMI is seen extremely lower at 49.1 against the prior print of 53.2. While the Manufacturing PMI is expected to slip to 54.7 from the former figure of 55.7.Governor Christopher Waller has stated, If the data comes in as I expect, I will support a similar-sized move at our July meeting,"retracement at $1,842.02. The 20- and 50-period Exponential Moving Averages at $1,841.54 and $1,839.
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