Gold Price Forecast: XAU/USD bulls move back in, market remains coiled – by fx_ross Gold Commodities DollarIndex Fed
The Gold price is back in line with the coil and would be expected to continue higher or at least stay sideways.
US consumer spending glided 0.1% higher in November after climbing 0.4% in October, in a sign that inflation is cooling, although not as much as markets need to see to start to expect a pivot from the Federal Reserve or a slowdown in their rate-hike path. Year-over-year, , the Personal consumption expenditures index, , landed at 5.5%, a half-percent cool-down from October. Stripping away volatile food and energy prices, the index was up on monthly and annual bases by 0.2% and 4.
The Gold price is back in line with the coil and would be expected to continue higher or at least stay sideways. Failing this, then an even deeper move in Gold price would be on the cards for the days ahead, making the case for a significant downside correction with $1,775 eyed.
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