Gold Price Forecast: XAU/USD aims to recapture $1,700 as DXY turns subdued, Fed policy in focus – by Sagar_Dua24 Gold XAUUSD Fed Inflation RiskAversion
ark-up phase after delivering an upside break of the consolidation formed in a range of $1,654.35-1,669.80. The yellow metal has rebounded firmly after refreshing a two-year low at $1,654.19 last week.are expected to remain volatile ahead of the interest rate decision by the Federal Reserve . As per the consensus, the Fed is expected to announce a third consecutive 75 basis points interest rate hike.
Meanwhile, the US dollar index is oscillating around the critical support of 109.50 as market veterans have slashed the US growth rates. Economists at Goldman Sachs have trimmed the growth forecasts for 2023. The US Gross Domestic Product is expected to increase by 1.1% as Fed’s tightening path along with the current restrictive policy will prove less room for growth in the scale of economic activities.
Also, the risk profile will be at play as US President Joe Biden says the US military would defend Taiwan in the event of an invasion by China.Gold prices are advancing towards the demand zone placed in a narrow range of $1,692.00-1,693.00 on an hourly scale. The precious metal has crossed the 50-period Exponential Moving Average at $1,676.45, which adds to the upside filters. Also, the Relative Strength Index is on the verge of shifting into the bullish range of 60.00-80.00.
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