Gold Price Forecast: XAU/USD grinds near $1,750 as key US data, Fed Minutes loom – by anilpanchal7 Gold XAUUSD Fed PMI RiskAppetite
Alternatively, seven-month high coronavirus numbers and multiple activity restrictions in the key states of the world’s second-largest economy challenged the Gold bulls.in Europe and the UK, as well as Wall Street, closed positively whereas the US 10-year Treasury yields dropped six basis points to 3.76%.
Market players will look for clues of more confirmatory signals for the economic transition and the Fed’s 50 basis points worth of rate hike in December to continue with the risk-on mood and favor the gold buyers.Although sustained trading below the 50-SMA and observance of a one-week-old descending trend line keeps Gold sellers hopeful, an upwards-sloping trend line from November 09, around $1,737 by the press time, challenges the XAU/USD bears.
Following that, the monthly high surrounding $1,787 and the $1,800 threshold will be on the Gold buyer’s radar.
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