Gold Price Forecast: XAU/USD declines towards $2,000 as USD Index rebounds, US Retail Sales eyed Gold XAUUSD Fed RetailSales DollarIndex
It seems that the marginal correction in the USD Index has been bought by investors and the asset is aiming to recapture a five-week high at 102.75.
S&P500 futures have recovered their entire losses and have turned positive, portraying solid appeal for US. Investors are pouring funds into equities in hopes that the Federal Reserve will pause its aggressive policy-tightening spree to avoid further damage to economic prosperity. Investors will get more clarity on Fed’s action after the release of the monthly US Retail Sales data . Tuesday’s Retail sales data is seen expanding by 0.7% vs. a contraction of 0.6%. A recovery in retail demand would escalate fears of further interest rate hikes from the Fed.
The USD Index is holding strength amid uncertainty over the outcome of US debt ceiling negotiations. US President Joe Biden has announced further negotiations with Republican leaders for raising the US debt ceiling limit to avoid default on obligated payments.is auctioning in a Rising Channel chart pattern on a two-hour scale. The upper portion of the aforementioned chart pattern is plotted from March 20 high at $2,009.88 while the lower portion is placed from March 22 low at $1,934.34.
Also, the 50-period Exponential Moving Average at $2,019.38 has restricted the upside of the Gold bulls.Gold two-hour chart
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