Gold Price Forecast: XAU/USD bounces off $1,820 support zone, focus on US data, Fed’s Powell By anilpanchal7 Gold RiskAppetite XAUUSD Fed Recession
bears to keep reins despite late Monday’s rebound from an eight-day low. That said, the US Dollar Index stays pressured around 103.93 after declining for the last two consecutive days.
On Monday, US Durable Goods Orders rose to 0.7% in May, versus 0.1% expected and 0.4% prior. That said, the widely tracked Nondefense Capital Goods Orders ex Aircraft also cross 0.3% market forecasts and previous readings to increase by 0.5% during the stated month. Further, the US Pending Home Sales also surprised the USD bulls with 0.7% MoM figures for May versus -3.7% expected and -4.0% prior. The YoY figures, however, came in negative to -13.6% versus -9.8% prior.
Amid these plays, Wall Street closed in the red, after an upbeat start, whereas the US 10-year Treasury yields gained nearly seven basis points to end Monday at around 3.20%. That said, the S&P 500 Futures rise 0.16% intraday gains by the press time.
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