Gold Price Forecast: XAU/USD sits near daily high, around $1,780 amid softer US Dollar – by hareshmenghani Gold Commodities Fed InterestRate SEO
y ascent extends through the early North American session and lifts the XAU/USD to a fresh daily high, around the $1,780-$1,781 region in the last hour.The US Dollar struggles to capitalize on the overnight solid rebound from its lowest level since late June and attracts some sellers near a technically significant 200-day Simple Moving Average . As investors seek clarity on the Federal Reserve's rate-hike path, a fresh leg down in the US Treasury bond yields weighs on the Greenback.
. This, in turn, will play a key role in driving the non-yielding Gold price and help determine the next leg of a directional move.In the meantime, growing worries about a deeper global economic downturn overshadow the optimism led by the easing of COVID-19 restrictions in China. This is evident from the prevalent cautious mood around the equity markets and should continue to lend some support to the safe haven Gold price.
Meanwhile, a subsequent move back above the $1,782-$1,783 horizontal resistance could lift Gold price back to the 200 DMA, closer to the $1,800 mark. The next relevant hurdle is pegged near the $1,810 area, or the multi-month top touched on Monday, above which Gold price seems poised to appreciate further. The momentum could then accelerate towards the $1,830 intermediate hurdle en route to the $1,843-$1,845 supply zone.
On the flip side, the overnight swing low, around the $1,769-$1,768 region, now becomes immediate support to defend ahead of the $1,761-$1,760 horizontal resistance breakpoint. A convincing break below will negate any near-term positive outlook and shift the bias in favour of bearish traders. Gold price might then turn vulnerable to accelerate the fall further towards the $1,738-$1,737 area before dropping to the $1,725 level.
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