Gold Price Forecast: XAU/USD declines towards $1,690 on hawkish Fed bets, US Retail Sales eyed – by Sagar_Dua24 Gold XAUUSD Fed Inflation RetailSales
ng towards $1,690.00 as bears are taking charge of soaring odds for a bumper rate hike by the Federal Reserve ahead. has faded the signs of exhaustion recorded earlier. Despite falling gasoline prices, the headline US CPI released higher at 8.3% than forecasts of 8.1%.
However, an above-expectations release of the US inflation has cleared that the road to neutral policy is too far from over. And, expectations of a full percent rate hike are trending now. In today’s session, the release of the US Retail Sales will be of utmost importance. The forecasts for economic data are not revealing any improvement in retail demand. This may be a result of a decline in the confidence of consumers in the economy.have witnessed a steep fall after displaying a textbook kind of test and drop of a consolidation breakdown. The consolidation formed in a range of $1,697.12-1,709.62 on an hourly scale.
Also, the Relative Strength Index has established in a bearish range of 20.00-40.00, which indicates more weakness ahead.
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