Gold Price Forecast: Bear flag, Fed’s Powell tease XAU/USD sellers, $1,750 in focus – by anilpanchal7 Gold XAUUSD Fed Inflation China
President Patrick Harker was on the same line while he noted, per Reuters, that he wants to see the next inflation reading before deciding on the September rate decision but added that a 50 basis points rate hike would still be a substantial move. Also, Atlanta Fed President Raphael Bostic said to the Wall Street Journal that “at this point, I'd toss a coin between 50 bps and 75 bps,” adding that “if data remains strong and inflation doesn't soften, it may make a case for another 75 bps.
Against this backdrop, the S&P 500 Futures part ways from Wall Street’s gains and print mild losses around 4,195. Additionally portraying the risk-off mood is the two basis points of an increase in the US 10-year Treasury yields, at 3.045% by the press time. Price Index, the Fed’s preferred inflation gauge, may entertain the traders. Forecasts suggest that the YoY print is to ease to 4.7% from 4.8% while the monthly figures may drop to 0.3% while 0.6% prior.Gold price remains inside a two-week-old bearish chart pattern as sellers attack the confirmation level surrounding $1,750. Adding strength to the flag’s support is the 50-HMA level and steady RSI .
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