Gold Price Forecast: XAU/USD stair-steps higher past $1,950 as US Dollar, yields retreat Gold Inflation YieldCurve XAUUSD RiskAversion
Gold price picks up bids to pare intraday losses as markets brace for top-tier inflation data.Central bank speeches, inflation clues will guide the Gold price amid quarter-end positioning.price consolidates intraday loss, the second one in a row around $1,965 as US Dollar, as well as the Treasury bond yields, struggle to defend the previous day’s gains amid mixed sentiment during Thursday’s European session.
It should be noted, however, that the majority of the central bankers defend their previous bias about inflation and hence challenge the Gold buyers. Additionally, International Monetary Fund’s Managing Director Kristalina Georgieva said on Thursday, “Urgently need faster, more efficient mechanisms for providing debt support to vulnerable countries.” Her comments renew banking fears which eased previously.
Gold price bounces off the weekly support line while staying within an eight-day-old symmetrical triangle. In doing so, the XAU/USD pays little heed to the sluggish MACD to pare the second consecutive weekly loss. However, the top line of the stated triangle, close to $1,996, quickly followed by the $2,000 psychological magnet, could challenge the Gold buyers afterward.
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