Gold Price Forecast: XAU/USD approaches $1,860 after a recovery move, spotlight is on US Inflation Gold XAUUSD Fed Inflation DollarIndex
Gold price is looking to stretch its recovery move to near $1,860.00 amid a decline in safe-haven’s appeal.Fed Bowman sees a continuation of rate hikes, pointing out there will be a lot of data releases between now and the next policy meeting. is marginally far from reclaiming the critical resistance of $1,860.00 in the Tokyo session. The precious metal recovered firmly after sensing buying interest around $1,850.00 as the US Dollar Index surrendered the immediate support of 102.80.
Analysts at NBF expect “The energy component likely rebounded in the month, helping the headline index to advance 0.5%. If we’re right, the YoY rate should come down from 6.5% to 6.2%. The core index, meanwhile, may have continued to be supported by rising rent prices and advanced 0.3% on a monthly basis. This would translate into a three-tick decline of the 12-month rate to 5.4%.”
Despite a decline in the US Consumer Price Index , the Federal Reserve won’t tone down its hawkish stance as the stubbornness in the inflationary pressures will take time in easing., pointing out there will be a lot of data releases between now and the next policy meeting.Gold price has attempted a recovery move after sensing a loss in the downside momentum near $1,850.00.
Meanwhile, the Gold price is looking to shift its business above the 20-period Exponential Moving Average at around $1,860.00. An occurrence of the same will strengthen the Gold bulls.
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