Gold Price Forecast: XAU/USD rebound appears elusive amid mixed concerns over Fed, geopolitics Gold XAUUSD Inflation Fed Commodities
retreats from the weekly high, down 0.16% intraday to 104.35, as the US Treasury bond yields lack momentum during Japan’s holidays. Also allowing the DXY to pare recent gains is the pullback in the bond coupons from the multi-day high. That said, the US 10-year and two-year Treasury bond yields snapped a two-day uptrend the previous day before marking inaction around 3.92% and 4.70%.
The inflation expectations gained major attention after Federal Open Market Committee’s Monetary Policy Meeting Minutes signaled that the policymakers discussed going easy on the rate hike trajectory if needed. However, the broad discussion on the need for more rate hikes and hawkish comments from St. Louis Federal Reserve President James Bullard, as well as from Federal Reserve Bank of New York President John Williams, challenge the dovish bias surrounding the Fed.
Following that, the 61.8% Fibonacci retracement level of the metal’s upside from mid-December 2022 to early February 2023, near $1,846, could test the recovery moves before directing them to February 09 swing high, also including 38.2% Fibonacci retracement, at $1,890.
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