Bears' Control of Strong Gold
The price of gold has now declined to trade several levels below the 100-hour moving average line. However, Friday's rebound helped XAU/USD gold price recover from the oversold levels of the 14-hour RSI and return to normal trading territory.Gold is trading affected by the results of economic data, as the initial US unemployment claims came last week, contrary to expectations, at 260 thousand, with a count of 264 thousand.
Policymakers say the divergence of views between the market and the dot plot suggests that investors expect inflation to fall faster than the US central bank, which was concerned it was being overly optimistic after being slow to respond to higher prices. San Francisco Fed President Mary Daly told Reuters in an interview published later on Friday that two more US rate hikes this year was a "very reasonable" expectation. For her part, Fed Governor Michelle Bowman said Thursday that "further increases in interest rates will be necessary" to curb inflation, which remains unacceptably high.
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