Gold Price Forecast: XAU/USD marches past $1,650 on falling wedge breakout, US PCE inflation eyed – by anilpanchal7 Gold XAUUSD RiskAppetite Inflation Recession
llish chart pattern the previous day. In doing so, the yellow metal cheers softer US dollar but fails to respect the market’s grim conditions.
That said, US Dollar Index marked another negative day to refresh the weekly low of around 111.95. The greenback’s gauge versus the major six currencies dropped after the final readings of the US Q2 Gross Domestic Product confirmed the initial forecasts of -0.6%. It should be noted that the firmer prints of the US Weekly Initial Jobless Claims, which dropped to 193K for the period ended on September 24, versus the 209K previous and the market expectation of 215K, also might have weighed on the DXY. The US Jobless Claims slumped to the lowest levels since April.
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