Gold Price Forecast: XAU/USD fades bounce off $1,640 support amid hawkish Fedspeak – by anilpanchal7 Gold XAUUSD Inflation RiskAppetite Ukraine
the bullion traces the market’s inaction amid a lack of major data/events. Even so, the risk-on mood keeps the buyers hopeful ahead of the inflation data fromThat said, headlines suggesting the Russian military’s hardships in Ukraine and the UK Chancellor’s U-turn on previous fiscal plans join sluggish Treasury yields to keep thepositive. Alternatively, hawkish Fedspeak and upbeat US data challenge the risk profile and the XAU/USD buyers.
While portraying the mood, S&P 500 Futures trace Wall Street’s gains whereas the US 10-year Treasury yields remain sidelined. That said, the bearish MACD signals and sluggish RSI, as well as the XAU/USD’s sustained trading below the 21 and 50-DMA, respectively around $1,669 and $1,703, keeps the sellers hopeful.
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