Gold Price Forecast: XAUUSD falls for two-straight days amidst a buoyant US Dollar – by christianborjon Gold XAUUSD Metals Fed
, which decelerated to 54.4 from 56.7 in September, and below estimates of 55.5. Even though the index remained in expansion territory, it’s decelerating, a signal sought by Fed officials. Earlier, the US Department of Labor reported Initial Jobless Claims for the week ending on October 28 were lower than expected and rose by 217K vs. 220K forecasts, even though the US economy continues to weaken, according to specific economic indicators.
Powell added that September’s Federal Reserve Open Market Committee projections for the Federal funds rate “would be higher than previously expected.” XAUUSD tanked on those remarks, after hitting a fresh four-day high at $1669.28, to $1633.23. It should be noted that the yellow metal is extending its losses on the hangover of the FOMC’s decision.
, though sellers were unable to crack the year-to-date low at $1614.67, opening the door for a formation of a triple bottom chart pattern. Nevertheless, to confirm the chart pattern, XAUUSD needs to clear $1729.35, which might open the door for a re-test of the 200-day Exponential Moving Average at $1761.64.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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