Gold Price Forecast: XAU/USD recovers early lost ground, climbs back above $1,970 level – by hareshmenghani Gold Commodities Fed Inflation SEO
Federal Reserve rate hike bets cap gains for Gold price
In fact, the Organization of the Petroleum Exporting Countries and their allies - known as OPEC+ - shook markets by announcing further production cuts of about 1.16 million barrels per day on Sunday. This leads to a big bullish gap opening in Oil prices, reviving inflation fears and fueling speculations about further policy tightening by the Fed. The current market pricing indicates a greater chance of a 25 bps lift-off at the next Federal Open Market Committee monetary policy meeting in May.
On the flip side, the $1,950-$1,945 zone now seems to protect the immediate downside ahead of the $1,935 support zone and the $1,920-$1,918 region. A convincing break below the said support levels could negate the near-term positive
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