Gold Price Forecast: XAU/USD inches back closer to $1,920, lacks bullish conviction – by hareshmenghani Gold Commodities Recession Fed XAUUSD
reaffirms market bets for a 25 basis points lift-off at the upcoming FOMC meeting on July 25-26 and led to the overnight sharp rise in the US Treasury bond yields. This, along with a more hawkish stance adopted by other major central banks, might contribute to capping gains for the Gold price.The current market pricing indicates the possibility of a further 130 bps of tightening by the by the end of this year.
On the flip side, the $1,915-$1,914 region now seems to protect the immediate downside ahead of the $1,908-$1,907 area and the $1,900 mark. The next relevant support is pegged near the $1,893-$1,892 region or the multi-month low touched last week. A convincing break below the said support levels will make the Gold price vulnerable to accelerate the downward trajectory towards the very important 200-day Simple Moving Average , currently around the $1,860 zone.
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