Gold Price Forecast: XAU/USD reverses Fed Minutes inspired gains, $1,735 in focus – by anilpanchal7 Gold XAUUSD Fed RiskAppetite Recession
Fed Minutes signalled policymakers’ support for restrictive rates despite suggesting a retreat from faster rate hike before long.price remains on the back foot around a two-week low, taking rounds to $,1761 at the start of Thursday’s Asian session. The precious metal’s latest inaction could be linked to a lack of major data/events.
The Fed Minutes mentioned that the policymakers strongly supported the 75 bps rate increase in August while seeing a slowing pace of hikes at some point. The Minutes also signaled that Fed officials saw the hazard the Fed could tighten more than necessary. It should be noted that Federal Reserve Governor Michelle Bowman recently mentioned, “High inflation and strong employment will likely create some pressure on labor and employment.”
Moving on, second-tier US data may entertain XAU/USD traders with eyes on the central banks and growth concerns, not to forget China.Confirmation of the rising wedge bearish chart pattern precedes the yellow metal’s sustained trading below the 50-DMA and 21-DMA to direct XAU/USD bears towards the previous resistance line from April 18, around $1,735 by the press time.
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