Gold Price Forecast: XAU/USD back to its comfort zone around $2,330

XAU/USD Current price: $2,326.08 Generally encouraging United States data put pressure on the US Dollar. The US will release the Personal Consumption Expenditures Price Index on Friday. XAU/USD returned to its comfort zone at around $2,330but lacks bullish momentum. XAU/USD started grinding higher early in Europe, helped by decreased demand for the US Dollar and persistent risk aversion but added the most following the release of mostly encouraging United States macroeconomic figures.

The focus now shifts to the most relevant US macroeconomic report, the Personal Consumption Expenditures Price Index. The Federal Reserve’s favorite inflation gauge will be released on Fridayand is expected to show inflation was up 2.6% YoY in May, slightly below the previous 2.7%. Easing inflationary pressures should boost hopes for a soon-to-come rate cut in the US and lead to a USD decline. Still, as markets may become optimistic, the chance of an XAU/USD rally is limited.

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