Gold Price Forecast: XAU/USD builds cushion around $1,650, hawkish Fed fears remain elevated – by Sagar_Dua24 Gold XAUUSD Fed Inflation RiskAppetite
onday, the precious metal eased the majority of the gains despite mayhem in the US dollar index . The DXY dropped to near the round-level cushion of 112.00 as the risk-on impulse gained significant traction. S&P500 advanced vertically and recovered Friday’s losses.resulted in a steep fall in gold prices. The 10-year US Treasury yields sustain above 4%.
Higher-than-projected Consumer Price Index , released last week, and September’s better-than-expected data are compelling the Fed to sound hawkish and continue the current pace of hiking interest rates. Meanwhile, commentary from Societe Generale carries a bearish view on gold for a tad longer period. “In the past, we have observed that gold seems to correlate well with three factors – US real rates, the dollar, and ETF flows . However, the price of gold has remained quite elevated compared to the theoretical value yielded by our models.”remain elevated for the foreseeable future, one of the assets that could come under pressure is gold.
The Relative Strength Index is hovering around 40.00, and a drop below the same will trigger the downside momentum.
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