Gold Price Forecast: XAUUSD eyes upside above $1,730 as 1% Fed rate hike gets off the table – by Sagar_Dua24 Gold XAUUSD Fed Inflation PMI
The DXY has tumbled significantly as the 1% rate hike expectations have been trimmed.Gold price
is focused to recapture its weekly high near $1,740.00 after a firmer recovery. The precious metal gained strength last week after slipping to near the critical support of $1,680.00. A two-day stellar recovery by the gold bulls has resulted in a more than 3.30% recovery in the gold prices after re-testing the 11-month low of $1,679.80. surrendered the opening gains on Friday after the expectations of a 1% rate hike by the Federal Reserve got trimmed tremendously.
After the long-run inflation expectations slipped to 2.8% from June’s print of 3.1%, investors placed bets on a consecutive 75 bps rate hike by the Fed rather than placing money on a 1% rate hike.On Friday, the S&P released the PMI data, which remained downbeat on major aspects. The Global Composite PMI remained extremely lower at 47.5 than the expectations of 51.7 and the prior release of 52.3. Expanding to the Manufacturing and Services front, the former catalyst landed at 52.3 vs. 52.
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