Gold Price Forecast: XAU/USD prints bullish consolidation near $1,950 amid Fed blackout – by anilpanchal7 Gold XAUUSD Fed China RiskAversion
onday’s Asian session. In doing so, the XAU/USD consolidates the biggest weekly gain since early April amid the Federal Reserve blackout ahead of late July’s monetary policy meeting. Also allowing the Gold buyers to take a breather are the weekend headlines surrounding China, the latest data from the United States and cautious mood ahead of top-tier statistics from Beijing.
Even so, “Fed likely to need two more 25 basis point rate hikes this year,” said Federal Reserve Governor Christopher Waller late Thursday. The policymaker also ruled out concerns about the Fed rate peak while stating the need for two more downbeat inflation numbers in the prepared remarks for delivery before a gathering held by The Money Marketeers of New York University shared by Reuters.
It’s worth observing that the receding fears of the hawkish Fed moves allowed the equities to welcome bulls while the US Treasury bond yields dropped heavily, which in turn drowned the US Dollar Index and fuelled the Gold Price. That said, the DXY marked the biggest weekly fall since November in the last.
Additionally important to watch will be China’s Q2 GDP will join the Industrial Production and Retail Sales for June. Furthermore, US Retail Sales for June and headlines surrounding the US-China ties, as well as the global growth, will be crucial for near-term Gold Price directions.Gold Price extends Friday’s retreat from a seven-week-old descending resistance line, around $1,965 by the press time, by tracking a pullback in the Relative Strength Index line, placed at 14.
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