Gold Price Forecast: XAU/USD to kiss $1,660 in no time amid vulnerable DXY, PMIs grab focus – by Sagar_Dua24 Gold XAUUSD Fed YieldCurve RiskAppetite
A Fed policymaker adopted a less-hawkish approach in a long time on interest rate guidance.Gold price is marching towards the immediate hurdle of $1,660.00 sharply as the positivewitnessed on Friday is expected to continue further. The precious metal picked significant bids around the two-year low at $1,614.85 and displayed a juggernaut rally, which may advance further.
The risk-on impulse shot vigorously after the Federal Reserve policymaker supported a slowdown in the current pace of hiking interestto avoid sending the economy into an ‘unforced downturn’. San Francisco Fed President Mary Daly cited that too sharp increment in interest rates has trimmed the consensus for growth prospects. Therefore, a slowdown in the rate hike pace would lift some pressure on the economy.
Meanwhile, the US dollar index displayed a vertical fall and settled below the 112.00 cushion. The 10-year benchmark US Treasury yields declined to 4.22% as chances for a 75 basis point rate hike by theOn Monday, investors will focus on the release of the S&P PMIs data. The Manufacturing PMI is expected to decline to 51.2 vs. the prior release of 52.0 while the Services PMI may drop to 49.2 from 49.3 reported earlier.
Also, the Relative Strength Index has shifted into the bullish range of 60.00-80.00, which indicates more upside ahead.
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