Gold Price Forecast: XAU/USD bulls seeking a move to key daily resistance – by fx_ross Gold Commodities DollarIndex Currencies
e of $1,650. The US dollar has firmed for its safe haven qualities but is teetering with key trendline support that is illustrated below, a break of which could help to boost the yellow metal.
'''After all,'' the analyst say, ''while rates markets are increasingly pricing in a fair outlook for the Fed funds rate, precious metals have yet to discount the implications of a prolonged period of restrictive rates. In reality, the resiliency inwhile facing the most hawkish central bank regime since the 1980s highlights a growing battle between retail and institutional flows.
The US dollar, meanwhile, is up against a key area of support within the bullish flag on a daily time frame. The rising support could see the greenback bust back to life and hinder the prospects of a stronger correction in the gold price.
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