Gold Price Forecast: Middle East tensions power XAU/USD to fresh record highs, but for how long?

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Gold price is holding near a new record high of $2,288 reached in the early Asian session on Wednesday, as softer US Dollar (USD) and the US Treasury bond yields lend support to the bright metal along with escalating Middle East geopolitical tensions.

Gold price renews all-time highs near $2,290 early Wednesday amid Middle East tensions. Tempered bets for June Fed rate cut weigh on the US Dollar, Treasury bond yields, despite risk-aversion. Gold price rises even as overbought RSI warrants caution for buyers ahead of US ADP data and Powell’s speech.

Attention now turns toward the high-impact US ADP Employment Change data and Fed Chair Jerome Powell’s speech for fresh hints on the Fed rate cut outlook. Also, of note remains the Eurozone inflation report, ISM Services PMI and a bunch of speeches from several other Fed policymakers. Gold price is set for a volatile session, in light of an action-packed US calendar on Wednesday.

 

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