Gold Price Forecast: XAU/USD continues to juggle above $1,900 despite US Inflation softens Gold XAUUSD Fed Inflation RetailSales
failed to deliver a power-pack action in the Gold price, however, the upside bias looks solidified as bets for smaller rate hikes from the Federal Reserve have soared.
The US Dollar Index is defending the critical support of 103.50 but looks prone to the further downside as investors’ risk appetite has improved dramatically. S&P500 futures witnessed responsive buying from the market participants as higher odds of a smaller rate hike from Fed chair Jerome Powell might postpone a likely recession in the US economy, portraying a sheer recovery in overall optimism.remained vulnerable, which led the 10-year US Treasury yields higher above 3.68%.
The headline US CPI was expanded by 0.4% on a monthly basis, as expected and the annual figure softened to 6.0% from the former release of 6.4%. And, the core CPI that excludes oil and food prices dropped marginally to 5.5% from the former release of 5.6%. The continuation of a declining trend in the US inflation seems delightful for the Fed.
Going forward, investors will keep an eye on the US Retail Sales data. Monthly Retail Sales data is expected to contract by 0.3% vs. the former release of 3% expansion. This indicates that resilience in consumer spending is over and theis forming a Bullish Flag chart pattern on an hourly scale, which indicates a continuation of the bullish momentum after the breakout of a consolidation.
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