Gold Price Forecast: XAU/USD bears approach $1,900 on hawkish central banks, PMI data eyed Gold XAUUSD CentralBanks Fed Inflation
Gold Price declines in the last five consecutive days as bears prod the lowest levels in three months amid hawkish central bank actions, as well as the mixed US data. That said, a slew of central banks announced interest rate increases on Thursday.
Further, the Swiss National Bank matched market forecasts while announcing 25 basis points increase in its benchmark interest rate, to 1.75%. This was the fifth consecutive rate lift from the Swiss central bank. Additionally, the Central Bank of the Republic of Türkiye hiked rates for the first time since August 2021 whereas the Norges Central Bank announced rate increases.
On the same line, Federal Reserve Governor Michelle Bowman said that "Additional policy rate increases" will be needed to reach a sufficiently restrictive level and control inflation. In a case where the Gold Price breaks the $1,900 support, the odds of witnessing a slump toward the 61.8% Fibonacci retracement near $1860, also known as the golden ratio, will be in the spotlight.
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