Gold Price Forecast: XAU/USD attempts a recovery above $1,740 as risk-on profile rebounds – by Sagar_Dua24 Gold XAUUSD Fed Inflation DollarIndex
Gold price has attempted to resurface after dropping to near $1,732.60 as the risk-off impulse has started fading.Higher demand for US Durable Goods could dent Fed’s strategic plans to scale down soaring inflation.
Gold price sensed a decent buying interest after dropping to near $1,732.60 in the late New York session. The precious metal has extended its recovery and is aiming to cross the immediate hurdle of $1,740.00 decisively. Traction is returning in the gold price as the risk-off impulse is losing its strength.the US dollar index
is oscillating around 107.70 after a correction from 108.00. The 10-year US Treasury yields are still holding their recovery to near 3.83% despite less confidence in the continuation of the current rate hike pace by the Federal Reserve . For a decisive movement, investors are awaiting the release of the US Durable Goods Orders. As per the consensus, the economic catalyst will continue its pace of improvement at 0.4% as reported earlier. This could dent the strategic plans of fighting against inflation drawn by the Federal Reserve as a stable demand for durable goods in times of accelerating interest rates is not a sign of declining consumer spending.
Meanwhile, the Relative Strength Index has shifted into the bearish range of 20.00-40.00, which indicates more weakness ahead.
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