Gold Price Forecast: XAU/USD traces softer yields below $2,015 resistance confluence Gold XAUUSD YieldCurve RiskAversion PMI
That said, the dovish concerns surrounding the Federal Reserve’s next move, as well as the downbeat yields, challenge the Gold price traders even as banking fears join hopes of upbeat data and market consolidation to weigh on XAU/USD prices of late.
Elsewhere, comments from US Treasury Secretary Janet Yellen and the Chair of the Basel Committee on Banking Supervision, portraying the market’s fears of banking fallouts, also weigh on the market’s mood and challenge the XAU/USD buyers. However, the recent retreat in the market’s consolidation allows the Gold buyers to consolidate recent gains ahead of the key data/events.
Among the important US data are the first readings of the US S&P Global PMIs for March and Durable Goods Orders for February.Gold price fades bounce off one-week-old horizontal support as the previous support line from early March pushes back XAU/USD bulls amid the RSI retreat. That said, the previous monthly high near $1,960 acts as immediate support for the XAU/USD bears to watch during the quote’s further weakness ahead of the aforementioned horizontal level surrounding $1,935.
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