Gold Price Forecast: XAU/USD holds steady above $2,020, modest US Dollar strength caps gains – by hareshmenghani Gold Commodities Fed Inflation XAUUSD
The Federal Reserve's Senior Loan Officer Opinion Survey showed on Monday that tightening credit conditions was due to the aggressive rate hikes rather than severe banking sector stress. This, in turn, fueled hopes that the banking sector in the is not headed for a wider crisis and turns out to be a key factor capping the safe-haven Gold price.
keeps a lid on any meaningful upside for the US bond yields and the USD, which, in turn, should continue to benefit the non-yielding Gold price. It is worth recalling that the US central bank last week outlined a more stringent, data-driven approach to raisingfurther and opened the door for an imminent pause in its year-long rate-hiking cycle.
On the flip side, the $2,015 area might now protect the immediate downside ahead of the $2,000 psychological mark, which if broken might prompt some technical selling. The might then turn vulnerable to accelerate the fall towards the $1,980 zone en route to the $1,970 strong horizontal support. Some follow-through selling will negate any near-term positive outlook and shift the bias in favour of bearish traders.
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