Tuesday’s gold markets have been relatively quiet in anticipation of the Jackson Hole meeting. Despite this, we are perched directly atop the support level.
Gold could be affected by Wednesday’s US CPI report. The present price is a few dollars below the golden ratio threshold of 61.8%. If CPI were to underperform, a subsequent decline of $1,815 would be noteworthy.
Gold prices continue to rise, up more than 3% on the week. Rate-sensitive assets are likely to be supported in the short term by the decline in U.S. Treasury yields.
The gold price is testing the resistance zone of $1,764.45 and $1,773.35. The ISM New Orders Index measures future demand for U.S. manufacturers and indicates a drop in the index may signal a drop in demand. As a result, analysts anticipate a decline in US nonfarm payrolls, from 372k to 250k.
Prediction for Gold: XAU/USD falls to approximately $1,750 as risk aversion rises ahead of NFP data release
The price of gold has slowed its daily gains and retreats from a level that has served as resistance for 11 weeks. Although the economy and China are both weighing on market sentiment, the US dollar isn’t helping investors take a less risky approach. Before the announcement of US NFP, traders may pay attention to Fed utterances and reports on Sino-American ties.
On Monday, the price of gold decreases despite a little strengthening of the US dollar and a rise in US bond rates. Fears of a recession are weighing on market morale and helping the XAUUSD. The FOMC decision and this week’s significant US economic statistics remain the center of attention.
Gold Price attempts to regain $1,700 as DXY anticipates a comeback and US Michigan CSI is anticipated
Gold price is set to resume its downward trend as the DXY gains ground. The inflation rate and declining incomes will reduce the demand for durable goods. The US Michigan CSI is projected to decrease to 49.9 from 50 previously reported.
During Tuesday’s trading session, gold markets made a brief rally before giving up the gains and showing symptoms of weakness once more.
The price of gold has recovered from its year-low to rise beyond $1,700 in anticipation of an increase in US inflation
Gold’s price chart shows a return to the annual bottom after a corrective pullback. Optimism from the White House and conflicting news on China’s economy are putting the XAUUSD in a better position to rebound from recent losses. The June US CPI will be critical in light of concerns about Fed aggressiveness and recession.
As the US dollar strongly recovers, the gold price loses up its recovery gains. The USD is supported by risk aversion before the crucial US NFP. XAUUSD continues to get closer to $1,700.