Gold Price Forecast: XAU/USD sees downside below $1,970 as USD Index rebounds and US banking woes ease Gold XAUUSD Fed DollarIndex PMI
one more time by 25 basis points on Wednesday is impacting the Gold price. The precious metal might show a significant fall after a confident break below $1,970.00 as it has been acting as a major support from the past week.
The USD Index is expected to show a power-pack action on Monday amid the release of the United States ISM Manufacturing PMI data. As per the consensus, the economic data is seen higher at 46.6 from the former release of 46.3. A figure below 50.0 is considered a contraction in manufacturing activities and consistency with consensus will make it the sixth consecutive contracting month.
Apart from that, New Orders data that indicates forward demand is seen expanding to 45.5 vs. the prior release of 44.3.
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