Gold Price Forecast: XAU/USD bulls eye $1,787 ahead of Federal Reserve’s favored inflation number – by anilpanchal7 Gold XAUUSD Fed Inflation SEO
On Wednesday, Fed Chair Jerome Powell marked his first public appearance after November’s Federal Open Market Committee meeting while speaking at the Brookings Institute on the, inflation and employment. The policymaker stated that it makes sense to moderate the pace of interest rate increases while also suggesting that the time to slow the pace of rate hikes could come as soon as the next meeting in December.
Following Powell’s speech, the market’s wagers favoring a 50 basis points rate hike from the Federal Reserve in December increased from 69.9% ahead of the speech to above 75%. snapped a three-day uptrend while portraying the biggest daily loss in a week, not to forget mentioning the biggest monthly fall in 12 years.
Among them, US ADP Employment Change gained major attention as it marked the lowest readings since January 2021 with a 127K figure for November versus 200K forecast and 239K previous readings. On the same line was the US JOLTS Job Openings for October that eased to 10.334M versus 10.3M expected and 10.687M prior. On the other hand, the second estimate of the US Gross Domestic Product Annualized for the third quarter marked 2.9% growth versus 2.6% initial forecasts.
Gold price remains firmer after confirming further upside momentum by breaking a two-week-old descending trend line, as well as marking repeated bounces off the 100-bar Simple Moving Average , mostly known as the 100-SMA.
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