Gold Price Forecast: $XAUUSD under pressure as the US Dollar recovers its poise Read More!▶️ Commodities Forex
boosted US Dollar demand ahead of the Federal Open Market Committee Meeting Minutes.
In the absence of relevant news and ahead of first-tier data, market players put their eyes on China. Beijing announced that starting August 1 will restrict exports of metals critical for the chip industry. Tensions between the country and the United States arose when US Treasury Secretary Janet Yellen is visiting Beijing.
Market concerns also rotated around softer-than-expected growth in the services sector. S&P Global, alongside local institutions, released the final estimates of its June Services PMIs, most of which suffered downward revisions. China, Australia, and theMeanwhile, the Federal Open Market Committee is about to release the Minutes of the latest meeting in which the Federal Reserve decided to maintain the Fund Rate unchanged at 5.00/25%.
Given the ruling sour mood, the more hawkish the Fed, the more the chances of further US Dollar gains.XAU/USD daily chart shows that the pair retreated after testing a bearish 20 Simple Moving Average , which heads south below a flat 100 SMA. The 200 SMA retains its bullish slope far below the current level, while technical indicators offer neutral-to-bearish slopes within negative levels.
In the near term, the bearish case gains ground. In the 4-hour chart, XAU/USD met sellers around a bearish 100 SMA but resists above a bullish 20 SMA. In the meantime, technical indicators have continued to lose their upward strength within positive levels, currently approaching their midlines with modest downward slopes.
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