Gold Price Forecast: XAU/USD remains on the defensive, downside seems cushioned – by hareshmenghani Gold Commodities Fed Recession XAUUSD
D, however, managed to recover a bit from the daily low and was last seen trading with modest intraday losses, just above the $1,725 level.
The prospects for a more aggressive policy tightening by major central banks failed to assist gold to capitalize on last week's bounce from the $1,680 region, or its lowest level since March 2021. Apart from this, an uptick in the US Treasury bond yields helped revive the US dollar demand and exerted some downward pressure on the dollar-denominated commodity.
The downside, however, remains cushioned amid the prevalent risk-off environment, which tends to underpin the safe-haven gold. The market sentiment remains fragile amid worries about a global economic downturn. The concerns were fueled by the disappointing release of the flash PMI prints from the Eurozone and the US on Friday, which tempered investors' confidence.to slow its aggressive policy tightening path.
Traders will further take cues from this week's important US macro data, starting with the release of the Conference Board's US Consumer Confidence Index on Tuesday. This would be followed by the Advance US Q2
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