Gold Price Forecast: XAU/USD fades recovery below $1,700 as hawkish Fed bets precede FOMC Minutes – by anilpanchal7 Gold XAUUSD Fed Recession Commodities
Chatters over BOE, Japan recently underpinned XAU/USD’s corrective bounce.Minutes should unveil policymakers’ determination for further rate hikes to please gold sellers. struggles to defend the first daily gains in six around $1,668 heading into Wednesday’s European session as sluggish markets keep the metal bears hopeful ahead of the key Federal Open Market Committee Meeting Minutes.
The fresh chatters about money market intervention by Japanese policymakers and the Bank of England’s hint to extend a surprise bond-buying program, as signaled by the Financial Times , recently triggered the yellow metal’s corrective bounce. Also likely to favor the XAU/USD prices could be the hopes of further stimulus from Europe and China as both nations try hard to shrug off recession woes.
Sluggish US Treasury yields around the multi-month high also teased the gold buyers at the one-week low. That said, the US 30-year Treasury yields remain sidelined near 3.91% after rising to the highest level since 2014 the previous day. On the same line is the US 2-year bond coupons that seesaw around 4.28%, down for the second consecutive day.
It should be noted, however, that the economic fears spread by the International Monetary Fund and the hawkishbets appear to keep the metal sellers hopeful ahead of the all-important Fed Minutes. Herein, the XAU/USD bears will cheer witnessing the policymakers’ readiness for further rate hikes, like those recently signaled by Cleveland Fed President Loretta Mester.
As per the latest readings of the CME’s FedWatch Tool, market players are pricing in nearly 81% chance of the Fed’s 75 basis points of rate hike in November.
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