Gold Price Forecast: XAU/USD struggles to capitalize on intraday gains, remains below $1,960 – by hareshmenghani Gold Commodities Fed InterestRate XAUUSD
A modest US Dollar weakenss is seen lending support to the precious metal.builds on the overnight bounce from the $1,946-$1,945 area, or a multi-day low and gains some positive traction during the Asian session on Tuesday. The XAU/USD currently trades around the $1,957-$1,958 region, up just over 0.10% for the day, and remains well within the striking distance of a one-month peak touched last Friday.
The US Dollar remains on the defensive near its lowest level since April 2022 in the wake of firming expectations that the Federal Resreve is nearing the end of its policy tightening cycle. In fact, market participants now seem convinced that the Fed will keep interest rates steady for the rest of this year after the highly-anticipated 25 basis points lift-off in July.
Investors, however, doubt that the Fed will commit to a more dovish policy stance, instead might stick to its forecast for a 50 bps rate hike this year. This helps limit the downside for the US Treasury bond yields and should act as a tailwind for the USD, capping any meaningful upside for the non-yielding Gold price.
Even from a technical perspective, the range-bound price action witnessed over the past four days points to indecision among traders over the near-term trajectory for the Gold price. This further makes it prudent to wait for a sustained strength beyond the $1,963-$1,964 region, or the one-month peak before positioning for any further appreciating move.
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