Gold Price Forecast: XAU/USD bulls eye $1,840s for sessions ahead on US dollar weakness By fx_ross Gold DollarIndex Technical Analysis Commodities
Bulls lurking in familiar support, eyes towards $1.840s.. At $1,823, the price is down by some 0.23% while the US dollar is also underwater, currently down by 0.18%. The greenback has struggled versus its major rivals at the start of the week due to the prospects of softening inflation which has given cause for a reassessment of the projected path of the Federal Reserve.
As a consequence, the greenback has been tipped over to the edge of the abyss as per the technicals illustrated in the prior analysis as follows: In the above analysis, the greenback was forecasted to break the structure and head lower to the area of imbalance of price towards 103.00. The price has followed the trajectory and is currently mitigating some of the imbalance following a fresh break of structure and this could be significant in the schematic of the gold price on the charts below. Meanwhile, the week ahead is going to be focused on Core PCE prices that have likely advanced firmly in May. Wjwta will be important is whether or not they will still be at a somewhat slower pace than the core Consumer Price Index .
Currently, the WIRP suggests a 75 bp hike at the next meeting July 27 is 85% priced in, about the same as the start of last week, while 50 bp hikes at the subsequent meetings on September 21 and November 2 are almost fully priced in, analysts at Brown Brothers Harriman noted. ''Looking ahead, the swaps market is pricing in 200 bp of tightening over the next 12 months that would see the policy rate peak between 3.50-3.75%, down from nearly 4.0% at the start of last week.'' .
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD advances to near $1,840 as G7 bans Russian gold importsGold Price Forecast: XAU/USD advances to near $1,840 as G7 bans Russian gold imports By Sagar_Dua24 Gold DollarIndex RussianFederation Inflation EconomicIndicator
Read more »
Gold Price Forecast: XAU/USD bulls aim for $1,850 on Russia news, softer USDGold Price Analysis: XAU/USD bulls aim for $1,850 on Russia news, softer USD By anilpanchal7 Gold RiskAppetite RussianFederation Commodities Fed
Read more »
Gold Price Forecast: XAU/USD retreats towards $1,807 support with eyes on central bankersGold Price Forecast: XAU/USD retreats towards $1,807 support with eyes on central bankers By anilpanchal7 Gold RiskAppetite Recession CentralBanks Commodities
Read more »
G7 nations to ban Russian gold imports in response to Ukraine conflict: USThe ban, which aims to 'further isolate Russia from the global economy', was announced by US President Joe Biden as the world's seven richest nation meet for their annual summit in Germany.
Read more »
G7 to announce ban on import of new Russian gold on Tuesday, U.S. official saysThe Group of Seven rich democracies will announce a ban on imports of Russian gold on Tuesday, as part of ongoing efforts to hold Russia accountable for its war in Ukraine and block attempts to evade Western sanctions, a senior U.S. administration official said on Sunday.
Read more »