Gold Price Forecast: XAU/USD stays on bumpy bearish road on mixed Federal Reserve talks Gold SEO RiskAppetite Fed Commodities
Federal Reserve officials sound hawkish during their latest appearances.US President Joe Biden’s speech will be eyed to gauge immediate directions of Gold price.
On Tuesday, Minneapolis Federal Reserve President Neel Kashkari told CNN, "We may have to hold rates at a higher level for longer," while adding that he is not forecasting a recession.said, “Expect 2023 to be a year of significant declines in inflation,” while also adding that if data were to continue to come in stronger than expected, would certainly raise rates more.Apart from the Fed talks, the latest tension between the United States and China also please the Gold bears.
US President Biden’s SOTU will be closely observed for the Sino-American tussles and could weigh on the Gold price in the case that appears tough.Gold’s failure to cross the 200-bar Simple Moving Average , despite bouncing off $1,860, portrays the underlying momentum weakness for the commodity. As a result, the metal sellers seem to wait for a clear break of $1,860 to confirm further downside of the Gold price.
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