Gold Price Forecast: XAU/USD sees upside to $1,980 after a hiatus, Fed’s policy guidance eyed By Sagar_Dua24 Gold XAUUSD Fed InterestRate Inflation
nd in the global markets generally creates uncertainty, which forces the market participants to bank uponAs quickly as we are inching towards the announcement of the monetary policy by the Federal Reserve , which will happen on May 3-4, gold investors will react largely upon the guidance by Fed policymakers. Considering the recent dictations by the Federal Open Market Committee members, an interest rate decision of 50 basis points rate hike has received tremendous bets.
Last week’s higher US Consumer Price Index at 8.5% has cleared that the Fed is left with no other option than to feature a jumbo rate hike. This will keep the gold prices on the edge. Also, the aggressive rate hikes by the Bank of Canada and Reserve Bank of New Zealand have bolstered the chances of a similar gesture from the Fed.
In the American session, investors will focus on the speech from the St. Louis Fed President and FOMC member James Bullard, which will provide insights into the likely monetary policy action by the Fed. However, the mega event will be the speech from Fed Chairhas tested the breakout of its previous critical level at March 24 high $1,966.18 multiple times. The 20- and 50-Exponential Moving Averages at $1.946.35 and $1,922.26 respectively are scaling higher, adding to the upside filters.
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