Gold Price Forecast: XAU/USD sticks to gains near daily top, around $2,025 region – by hareshmenghani Gold Commodities Fed Inflation XAUUSD
will cut rates in the second half of this year amid signs that the economy is slowing. This, in turn, continues to weigh on the Greenback and lends some support to the US Dollar-denominated commodity.Dovish Fed expectations, along with worries about a full-blown banking crisis and the US debt ceiling, lead to a further decline in the US Treasury bond yields.
On the flip side, the daily swing low, around the $2,015 area, might now protect the immediate downside. This is followed by the $2,000 psychological mark. A convincing break below the latter might prompt some technical selling and make the price vulnerable to accelerate the fall towards the $1,980 zone en route to the $1,970 strong horizontal support. Some follow-through selling will negate any near-term positive outlook and shift the bias in favour of bearish traders.
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