Gold Price Forecast: XAU/USD stays inside bearish channel below $1,700, Fed in focus – by anilpanchal7 Gold XAUUSD RiskAppetite Fed Recession
US data favors traders to price-in 75 bps Fed rate hike.Off in Japan, the UK will join a light calendar at home to restrict intraday moves. remains steady at around $1,675 as Asian traders begin the key week comprising the monetary policy meeting of the Fed.
It should be noted that a jump in China’s Treasury buying and the fears emanating from Beijing, as well as from Europe, also underpinned the US dollar’s safe-haven demand, which in turn weighed on the XAU/USD prices. That said, the US Dollar Index dribbled around the 20-year high marked earlier in the month after the firmer data and geopolitical chatters.
Moving on, the XAU/USD traders will keenly await the Fed’s verdict and are likely to favor USD bulls amid hawkish hopes. However, the dot-plot, economic projections and Fed Chair Powell’s speech will be crucial for clear directions.Gold price defends the bounce off a six-week-old descending trend channel’s support line, as well as the 61.8%Expansion of April-August moves. In doing so, the XAU/USD also justifies the RSI bounce off the oversold territory.
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