Gold Price Forecast: XAU/USD bears stay in control into the Fed – by fx_ross Gold DollarIndex Commodities Fed
Bulls could see an opportunity from deeper down in the meantime. edged lower on Tuesday as the US dollar and yields climbed in anticipation of the outcome of the two-day Federal Open Market Committee meeting that got underway today. At the time of writing, gold is trading at $1,664.30 down 0.68%, losing ground from the highs of $1,679.51 to a low for the day of $1,660.10, so far.
This is supporting US yields and the DXY index that is now not far from 110.79, a level hit earlier this month for the first time since June 2002. Risk-off sentiment has also contributed to a higher US dollar in the face of the aggressive tightening path that global banks are on as they try to contain uncomfortably high inflation.
And for the greenback, they argued that a ''buy the rumor, sell the fact is a tempting play for the USD,'' but the analysts say that they are wary that the messaging at this meeting will be more hawkish than usual.As for the technical outlook, the price is running deeper towards a key support area that could come under pressure over the meeting and outcome.
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