Gold Price Forecast: XAU/USD bulls denied at first attempts, US dollar not going down without a fight By fx_ross Gold DollarIndex Fed
bulls put in a potentially last-ditch effort to defend against a full-on break out to the downside in the latter part of the day on wall Street, but they are not out of the woods yet and are climbing walls within the bear's cage looking for a way out.
"Powell's semi-annual testimony has taken some steam out of the USD, his comments regarding elevated recession risk evidently weighing more than his unconditional commitment to restore price stability," Westpac analysts recently said. Meanwhile, analysts at TD Securities argued that ''gold prices are overvalued relative to real rates, but the market has been hard-pressed to find a catalyst for a repricing.''
US stocks have managed to end in the green on a volatile day with the Dow Jones Industrial Average adding 0.6% to 30,677.36. The S&P 500 was up 1% to 3,795.73 and the Nasdaq Composite climbed 1.6% to 11,232.19. This is all despite hawkish rhetoric at theThe June flash reading of manufacturing conditions from S&P Global fell to 52.4 in June from 57 in May, compared with 56 expected in a survey compiled by Bloomberg. After falling 8.6% in February, 3.0% in March and 2.
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