Gold Price Forecast: XAU/USD sits near one-month peak, seems poised to appreciate further – by hareshmenghani Gold Commodities Fed InterestRate XAUUSD
n session. The intraday uptick, however, lacks bullish conviction, though acceptance above the 100-day Simple Moving Average supports prospects for an extension of the recent bounce from the $1,893 region, or a three-and-half-month low touched in June.The US Dollar languishes near its lowest level since April 2022 in the wake of firming expectations that the Federal Reserve could end its policy-tightening cycle soon and continues to act as a tailwind for the Gold price.
climbed 0.2% in June and the yearly rate slowed from 4% to 3% - marking the smallest rise since March 2021. Furthermore, the monthly increase in core prices was the smallest since August 2021.Adding to this, the US Producer Price Index for final demand rose barely, by a modest 0.1% in June and the previous month's reading was also revised down to show that the gauge fell 0.4% instead of the previously reported 0.3%. In the 12 months through June, the PPI fell from a 0.9% rise in May to 0.
Market participants now look to the release of the Preliminary Michigan US Consumer Sentiment Index, due later during the early North American session. This, along with the US bond yields, will influence the USD price dynamics on the last day of the week and allow traders to grab short-term opportunities around the Gold price. The XAU/USD, meanwhile, seems poised to end in the green for the second successive week and possibly register its highest weekly close since May.
On the flip side, the 100-day SMA, currently around the $1,954-$1,953 zone, now seems to protect the immediate downside. This is followed by support near the $1,942 level, below which a bout of technical selling could drag the further towards the $1,925 region. Some follow-through selling will expose the $1,900 mark before the XAU/USD eventually drops to the multi-month low, around the $1,893 region.
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