Gold Price recovers inside rising wedge, focus on $1,875, US inflation By anilpanchal7 Gold XAUUSD Inflation YieldCurve Fed
s key data/events. That said, the yellow metal posted the first weekly loss in three by the end of Friday as the greenback tracked yields to rebound after the US jobs report.Although the yellow metal appears on the front foot on a daily basis, the commodity buyers remain cautious amid escalating fears of the Fed’s faster rate hike. Also keeping a tab on the XAUUSD bulls is the anxiety ahead of this week’s European Central Bank monetary policy meeting.
remained unchanged at 3.6% versus expectations of a slight decline to 3.5%. Additionally, the US ISM Services PMI fell to 55.9 in May, versus 56.4 market consensus and 57.1 flashed in April.President Loretta Mester crossed wires while saying that the one problem that the Fed has is inflation. The policymaker also added that the risks of a recession have gone up.
On the other hand, a successful break of the $1,875 hurdle should successfully cross March’s low of $1,890, as well as the $1,900 threshold to please the bullion buyers.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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