Gold Price Forecast: XAU/USD hits eight-month high, bulls retain control amid weaker US Dollar – by hareshmenghani Gold Commodities Fed Bonds SEO
European session. This comes on the back of Friday's breakout through the $1,860-$1,865 hurdle and favours bullish traders.The US Dollar adds to Friday's heavy losses inspired by softer macro-data, which lifted bets for a less-aggressive policy tightening by the Federal Reserve . This, in turn, is seen as a key factor benefitting the US Dollar-denominated Gold price. In fact, the closely-watched monthly jobs report from the showed that Average Hourly Earnings grew 0.
for the Gold price. Hence, any meaningful pullback could be seen as a buying opportunity and is more likely to remain limited in the absence of any relevant macro releases.From a technical perspective, the $1,865-$1,860 resistance breakpoint now seems to act as immediate support for the Gold price. A sustained break below might prompt some technical selling, though is more likely to get bought into near the $1,835-$1,833 horizontal support.
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