Gold Price Forecast: XAU/USD holds steady above $1,870 level ahead of Powell’s speech – by hareshmenghani Gold Commodities Fed SEO XAUUSD
s around the $1,872-$1,873 region heading into the North American session and remains close to a one-month low touched on Monday.The US Dollar stalls its recent strong recovery move from a nine-month low and turns out to be a key factor lending some support to the Gold price. The downside for the USD, however, seems cushioned amid expectations that the Federal Reserve will stick to its hawkish stance for longer.
In the meantime, the XAU/USD seems more likely to extend its sideways consolidative price move in the absence of any relevant market-moving economic releases from the US. Hence, it will be prudent to wait for strong follow-through buying before confirming that the recent sharp pullback from the highest level since April 2022 has run its course and positioning for additional gains.
Gold price could then accelerate the fall towards the $1,825 horizontal support en route to the $1,800 round-figure mark. This is followed by the very important 200-day Simple Moving Average , currently around the $1,776-$1,775 area. The latter should act as a pivotal point, which if broken decisively will be seen as a fresh trigger for bearish traders set the stage for a deeper corrective decline.
On the flip side, any meaningful upside is likely to confront some resistance near the $1,890-$1.892 zone ahead of the $1,900 mark. A sustained strength beyond has the potential to lift the Gold price to the $1,920 horizontal barrier, above which a bout of a short-covering move could push the XAU/USD towards the $1,950 region. This is closely followed by the multi-month peak, around the $1,960 area touched last week.
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