Gold Price Forecast: XAU/USD dives to $1,960, lowest since April amid sustained USD buying – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
Gold price remains under heavy selling pressure on Thursday and drops to its lowest level since April.The optimism over the US debt ceiling contributes to driving flows away from the safe-haven metal.continues drifting lower for the third successive day on Thursday - also marking the sixth day of a negative move in the previous seven - and dives to its lowest level since April 03 during the early North American session.
A combination of supporting factors pushes the US Dollar to a nearly two-month high, which, in turn, is seen weighing heavily on the Gold price. Against the backdrop of the recent hawkish signals from several Federal Reserve officials, the optimism over the potential lifting of the US debt ceiling remains supportive of the elevated US Treasury bond yields and acts as a tailwind for the Greenback.
Apart from this, the downfall could further be attributed to some technical selling following the overnight breakdown through the $1,980 horizontal support. A subsequent slide below the $1,970 level could be seen as a fresh trigger for bearish traders and might have already set the stage for a further near-term depreciating move.
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