Gold Price Forecast: XAU/USD clings to gains above $1,860, focus remains on US CPI report – by hareshmenghani Gold Commodities Fed Inflation SEO
sticks to modest intraday gains through the first half of the European session and is currently trading just above the $1,860 level, up nearly 0.50% for the day.The US Dollar extends the overnight pullback from a multi-week top amid a further decline in the US Treasury bond yields. This, in turn, is seen as a key factor benefitting the US Dollar-denominated Gold price.
data showed last Friday that monthly consumer prices in the US rose in December instead of falling as previously estimated. This raises the risk of a stronger US CPI print, which could allow the US central bank to stick to its hawkish stance for longer. The prospects for further tightening by the Fed could boost the Greenback and undermine the Gold price., recently stressed the need for additional interest rate hikes to fully gain control of inflation.
On the flip side, the $1,850 level now seems to protect the immediate downside. Some follow-through selling could drag Gold price further towards the $1,830 intermediate support en route to the $1,818-$1,817 zone and the $1,800 round figure.
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