🌟 $Gold bulls aim to challenge the $1,700 threshold 🐮 $XAUUSD at fresh three-week highs and bullish in the near term 🇺🇸 Unimpressive US data and easing government bond yields weigh on the dollar Read the full forecast here! ⬇️📊
Federal Reserve officials are not expected to surprise market players.picked up momentum after Wall Street’s opening, and runs above $1,690.00 a troy ounce, trading at its highest in three weeks. The greenback sheds ground on the back of the better performance of equities, coupled with tepid US data.
Meanwhile, the latest US ISM Manufacturing PMI came in below anticipated. Business output contracted to 50.9 in September from 52.8 in August, while the final reading of the S&P Global index for the same period was upwardly revised from 51.8 to 52. The reports were good enough to spook the ghost of recession but not enough to trigger dollar strength. XAUUSD holds on to most of its intraday gains as speculative interest digests the news.
Several Federal Reserve speakers will hit the wires through the remaining US session. Nevertheless, market players do not expect anything different from the usual rhetoric of taming inflation at any cost.From a technical point of view, the risk is slowly turning north. XAUUSD is hovering around the 50% retracement of its latest daily slump, measured between $1,765.47 and $1,614.81 at $1,689.96.
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