Gold Price Forecast: XAU/USD retreats from record top below $2,100, US NFP eyed Gold XAUUSD SEO NFP Fed
Gold price jumped to the highest levels on record after hearing the Federal Reserve’s dovish interest rate hike announcements, before easing a bit of late. That said, the United States central bank matched market forecasts on Wednesday by announcing a 0.25% increase in the benchmark Fed rate, making it the highest since 2007. Fedalso appeared positive while ruling out fears of a banking rout.
Given the latest banking crisis in the United States, recently fuelled by PacWest Bancorp, the market’s previous optimism backed by the Federal Reserve’s actions eased, which in turn allows the US Dollar to take a breather and weigh on the Gold price. Elsewhere, the comments from the White House suggesting debt limit default could cost 8.3 million job losses also weigh on the sentiment and the Gold price.While banking and debt ceiling talks are likely to entertain the Gold traders amid a light calendar in the United States, today’s monetary policy meeting ofThat said, the ECB needs to remain hawkish and surprise the Fed’s cautious move to exert additional downside pressure on the US Dollar, which in turn can propel the Gold price.
With this, the XAU/USD appears well set to refresh the Year-To-Date high, currently around $2,079, which in turn highlights an upward-sloping resistance line from early February, close to $2,063.
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