Gold Price Forecast: XAU/USD pares intraday losses near $1,950 as US Dollar retreats amid pre-NFP anxiety Gold XAUUSD Inflation RiskAversion NFP
fades amid receding hawkish bets on the Federal Reserve . Also challenging the greenback’s gauge versus the six major currencies are the concerns suggesting China and Brazil’s dropping of the US Dollar for cross-border trade.
As per the latest readings of CME’s FedWatch Tool, market players place nearly 42% probability on the 0.25%Elsewhere, softer China Caixin Manufacturing PMI jostles with the Sino-American tension the market’s pre-NFP caution to challenge the XAU/USD traders. However, the bearish MACD signals and a clear downside break of a two-week-old ascending trend line, as well as the sustained trading below the 200-HMA and 100-HMA confluence, keep the Gold bears hopeful.
Even if the quote crosses the $1,960 immediate hurdle, the aforementioned HMA convergence, close to $1,970, appears a tough nut to crack for the XAU/USD bulls.
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