Gold Price Forecast: XAU/USD bulls flex muscles as Federal Reserve announcements loom Gold XAUUSD SEO RiskAversion Fed
banks reported a fall in demand for credit from companies in the first quarter of the year, which in turn suggests negative impact of the rate hikes on the credit conditions. The same indirectly challenges the hawkish Fed bias. On the same line could be the hesitance of the Bank of Canada to increase the benchmarkAlternatively, the Reserve Bank of Australia surprised markets with a 0.25% rate hike and trigger a fresh round of hawkish expectations from other major central banks.
However, the Relative Strength Index line, placed at 14, approaches the overbought territory, which in turn suggests a pullback in the XAU/USD prices. As a result, a sustained upside break of the $2,013 hurdle, comprising the upper line of the aforementioned short-term trading range, isn’t an open welcome for Gold buyers. That said, a one-month-old horizontal resistance area around $2,032-36 and the Year-To-Date high of near $2,049 can prod the XAU/USD bulls before giving them control.
Meanwhile, the $2,000 round figure and the 200-EMA level of $1,973 precedes the stated trading range’s lower limit of near $1,969 to restrict short-term Gold price downside. Following that, multiple hurdles near $1,950 and $1,935 can challenge the XAU/USD bears, a break of which could convince the Gold sellers to prod the $1,900 round figure.Gold price: Four-hour chart
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