Gold Price Forecast: XAU/USD sits near daily high, around $1,755 amid weaker US Dollar – by hareshmenghani Gold Commodities Fed XAUUSD SEO
Bets for less aggressive rate hikes by the Federal Reserve continue to weigh on the USD.Gold price regains positive traction on Tuesday and reverses the previous day's retracement slide from more than a one-week high. The
maintains its bid tone heading into the North American session and trades near the top end of its daily range, around the $1,755 region.The US Dollar fails to capitalize on the overnight bounce from a technically significant 200-day Simple Moving Average amid expectations for a less aggressive policy tightening by the Federal Reserve. The emergence of fresh selling around the Greenback turns out to be a key factor driving flows towards the US Dollar-denominated Gold price.
Apart from this, a modest recovery in the global risk sentiment, as depicted by a stable performance in the equity markets, might also contribute to capping the safe-haven Gold price. Investors turned optimistic amid speculation that the Chinese government is considering scaling back its strict anti-COVID policies to prevent more protests.
The mixed fundamental backdrop warrants some caution for aggressive traders and before positioning for any further appreciating move for Gold price. Market participants now look to the release of the Conference Board's US Consumer Confidence Index. This, along with the US bond yields, will influence the USD and provide a fresh impetus to Gold price.
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