Gold Price Forecast: XAU/USD bulls move in ahead of key events and pending Federal Reserve Gold Technical Analysis Commodities SEO
DXY dipped in recent trade as the initial balance for the week eats into the greenback, sinking it towards a death line on the charts and taking on last week's support area in the 101.70s. The move is fuelling the Gold price higher, making it cheaper for holders of other currencies. Lower US Treasury yields tend to steer investors towards the zero-yield yellow metal.There are mixed feelings surrounding the Federal Reserve.
''High visibility layoffs at some major tech and financial firms are grabbing the headlines, but the layoffs are global and US initial claims data are not indicating that labour demand is weakening. We think the Fed will continue to emphasise the tightness of the labour market in its deliberations and err towards further tightening. We expect a 25bp rate hike at the next meeting and guidance that rates will need to rise further.
If all of this were to play out over the coming weeks, the prior break of the Gold price structure, , around $1,670 could come back under pressure that guards against major downside correction in the Gold price.
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