Gold Price Forecast: XAU/USD consolidates in a range, holds steady above $1,950 level – by hareshmenghani Gold Commodities Fed RiskAppetite XAUUSD
e range-bound price action might still be categorized as a bullish consolidation phase and warrants some caution before positioning for any meaningful corrective decline from a one-month peak touched on Friday. soared to the highest level since September 2021 assists the US Dollar to hold steady above its lowest level since April 2022, which, in turn, is seen acting as a headwind for the Gold price.
This comes on the back of the latest US CPI report, which pointed to a further moderation in consumer prices. Furthermore, the US PPI recorded the smallest annual rise in nearly three years in June. This, along with signs that the US labor market is cooling, lifts bets that the Federal Reserve is nearing the end of its policy tightening cycle. Investors now seem convinced that the Fed will hold interest rates steady after the expected 25 basis points lift-off in July.
Apart from this, a modest downtick in the US equity futures could act as a tailwind for the safe-haven precious metal and help limit the downside, at least for the time being. Market participants now look to the Chinese macro data dump, which might influence the risk sentiment and provide some impetus to the. The aforementioned fundamental backdrop, meanwhile, suggests that the path of least resistance for the XAU/USD is to the upside.
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