Gold Price Forecast: XAU/USD stays defensive above $1,920 support as US Dollar steadies ahead of Fed, NFP Gold XAUUSD Fed NFP Commodities
Gold price bounces off intraday low but stays directionless after closely missing the bear’s entry in the week.XAU/USD bulls appear running out of steam even as Fed’s dovish hike, downbeat expectations from US NFP probe bears.
The metal rose in the last six weeks before losing the upside momentum at the latest. The reason for the quote’s recent sluggish moves could be linked to the market’s indecision as major central bank events and the US jobs report occupy theIt’s worth noting that China’s return from the one-week-long Lunar New Year holidays bring some good news as the nation’s Center for Disease Control and Prevention signaled the end of the Covid wave.
Although the receding bearish bias of the MACD and multiple bounces off the aforementioned support line defends the XAU/USD buyers. Steady RSI and recently sluggish momentum teases Gold sellers of late.
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