Gold Price Forecast: XAUUSD bulls remain keen on $1,808 despite recent pullback – by anilpanchal7 Gold XAUUSD RiskAppetite CentralBanks China
and the Treasury bond yields, a rebound in the US bond coupons underpin the USD bounce, which in turn weighs on the XAUUSD price.Although China’s easing of the coronavirus-led activity restrictions and measures taken to ease the pain of the real estate market by a 16-point plan appeared to have defended the market optimists of late.
Fed’s Waller said, “Rates will not fall until there is ‘clear, strong evidence’ inflation is falling,” which in turn curtailed the dovish bets on the Fed’s next moves. The policymaker, however, also mentioned that the Fed can begin to consider moving at a slower pace. Ahead of the meeting, Reuters quotes US President Biden as saying that the US communication lines with China would stay open to prevent conflict, with tough talks almost certain in the days ahead. The news also mentioned, “Thewould ‘compete vigorously’ with Beijing while"ensuring competition does not veer into conflict", said Biden, stressing the importance of peace in the Taiwan Strait during an address to the East Asia Summit in Cambodia. He arrived in Bali on Sunday night.
Although the XAUUSD sellers cheer the overbought RSI to take a risk at the three-month high, a daily closing below the aforementioned key Exponential Moving Average appears necessary for the bears.
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