Gold Price Forecast: XAU/USD struggles for a firm direction, stuck in a range around $1,960 – by hareshmenghani Gold Commodities Fed Bonds XAUUSD
unchanged at the June 13-14 Federal Open Market Committee policy meeting. This, in turn, leads to a further decline in the US Treasury bond yields and might hold back the USD bulls from placing aggressive bets. Apart from this, the prevalent cautious market mood continues to act as a tailwind for the safe-haven Gold price and limits the downside.The aforementioned fundamental backdrop suggests that the path of least resistance for the XAU/USD is to the upside.
On the flip side, bearish traders need to wait for a convincing breakdown below the 100-day SMA, currently pegged around the $1,940-$1,939 zone, before placing fresh bets. Some follow-through selling below the May monthly swing low, around the $1,932 area, will reaffirm the negative bias and make the
vulnerable to accelerate the fall towards the $1,900 round figure. The downward trajectory could get extended further and drag the XAU/USD towards the $1,876-$1,875 horizontal support en route to the very important 200-day SMA, currently around the $1,840-$1,839 region.
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