Gold Price Forecast: $XAUUSD extends decline, approaches $1,900 Read More!👉 Commodities Forex
The Greenback appreciated particularly against safe-haven rivals, as Wall Street edged lower after the opening, trimming the little gains it made ahead of it. Market participants struggle for direction amid growing uncertainty about the economic future and central banks’ policies. A year ago, speculative interest was betting that, by this time of the year, the tightening cycle would be well over.
contracted to 3.5% in July, a sign of a tight labor market. Additionally, the country will release the July Consumer Price Index next Thursday, expected to have ticked modestly higher, but yet another red flag that could result in the Federal Reserve opting out for additional rate hikes in the upcoming meetings.The XAU/USD pair is under selling pressure for the third consecutive day and has room to extend its slump.
In the near term, and according to the 4-hour chart, technical readings support lower lows ahead. XAU/USD is well below all its moving averages, with the 20 SMA accelerating its slide well above the current level. Meanwhile, technical indicators resumed their declines within negative levels, still above overbought readings and without signs of downward exhaustion.
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