Gold Price Forecast: XAU/USD appears fragile near $1,925 key support amid China, inflation woes – by anilpanchal7 Gold XAUUSD China Inflation RiskAversion
actions we have taken do their work.” On the other hand, Richmond Fed President Thomas Barkin stated that the Gross Domestic Product remained "solid".
Furthermore, Chinese real estate giant Country Garden announced missing two dollar bond coupons due on August 6 totaling $22.5 million per Reuters. The news renews fears of bankruptcy among the realtors in China even if the Country Garden has a 30-day grace period to avoid such hardships. Given the likely weaker inflation data from China, the Gold Price may witness further downside on the price pressures matching the forecasts. Even so, improvement in the market’s sentiment may allow the Gold bears to take a breather at the key support line.Gold Price extends a downside break of the 50-DMA as it pokes an upward-sloping support line from late February, close to $1,925 by the press time.
It’s worth noting, however, that the Relative Strength Index line, placed at 14, remains below 50.0 and suggests bottom-picking, which in turn highlights the 61.8% Fibonacci retracement of the Gold Price run-up from late February to May, near $1,910.
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