Gold Price Forecast: XAU/USD trades with modest losses ahead of US PCE Price Index – by hareshmenghani Gold Commodities Fed Inflation XAUUSD
ld over the past two weeks or so. The XAU/USD is currently placed just above the $1,980 level and is influenced by a combination of diverging forces.The US Dollar regains strong positive traction and touches a fresh weekly high amid firming expectations for another 25 basis points lift-off at the next Federal Open Market Committee policy meeting in May.
That said, a combination of factors lends some support to the Gold price and helps limit the downside, at least for the time being. Worries about economic headwinds stemming from rising borrowing costs temper investors' appetite for riskier assets, which is evident from a generally softer tone around the equity markets. The anti-risk flow triggers a sharp decline in the US Treasury bond yields and turns out to be a key factor acting as a tailwind for the safe-haven Gold price.
On the flip side, the intraday positive move now seems to confront some resistance near the $2,000 psychological mark ahead of the $2,010 supply zone and the $2,020 horizontal barrier. A sustained strength beyond the latter will be seen as a fresh trigger for bulls and lift the Gold price move towards the $2,040 area. Bulls might eventually aim to challenge the YTD peak, around the $2,047-$2,049 region touched earlier this month.
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