Gold Price Forecast: XAUUSD hangs near weekly low, downside seems cushioned – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
on. Currently placed around the $1,760 level, the XAUUSD remains well within the striking distance of the weekly low and seems poised to end in the red for the first time in three weeks.The recent comments by a slow of US central bank officials suggest that more interest rate hikes were on the way, which, in turn, is seen acting as a headwind for the non-yielding Gold. Most recently, St.
The US Dollar, meanwhile, struggles to gain any meaningful traction and oscillates in a narrow range, despite an uptick in the US bond yields. The subdued USD price action offers some support to the Dollar-denominated Gold price and should help limit the downside, at least for the time being. Hence, it will be prudent to wait for strong follow-through selling below the $1,754-$1,753 region, or the weekly low, before positioning for a deeper corrective pullback for the XAUUSD.
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