Gold Price Forecast: XAU/USD bears eye downside breakout of tight structure Gold DollarIndex Commodities Fed
Despite poor data, US Dollar stronger, making gold more expensive for international buyers.
At the time of writing, the Gold price is trading around $1,987.80 and has traveled between a low of $1,974.11 and $2,003.41 following data that showed inflation was stronger than anticipated helping the US 10-yr Treasury note to rally 8bp to 3.53%, bearish for gold since it offers no interest. The US two-year note was last seen paying 4.080%, up 14.4 basis points.dollar indexIn the data, the United States on Thursday reported its GDP rising by 1.
Meanwhile, analysts at TD Securities argued that ´´discretionary traders are still sitting on the sidelines, which suggests cuts pricing is still not feeding through to interest. In the near term, weaker longs still remain vulnerable, but we don't expect the first selling meaningful program to kick in until prices break $1,964 in gold.´´Gold price has been topping out on a number of attempts to stay above $2,000 but bears keep showing up.
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