Gold Price Forecast: XAU/USD finds a cushion around $1,980, downside seems favored ahead of Fed policy Gold XAUUSD Fed Inflation PMI
is improving ahead of the interest rate decision by the Federal Reserve .to continue to weigh pressure on United States inflation. One more 25bp rate hike from the Fed is widely expected, however, the event that is infusing anxiety among the market participants is the interest rate guidance. slowed to 1.1% on a quarterly basis due to lower inventories, ISM Manufacturing PMI landed below 50.
Apart from that, US labor market conditions are expected to lose further as Morgan Stanley has announced a planned lay-off of 3K more jobs as deals have slumped as reported by Bloomberg. Meanwhile, S&P500 settled Monday’s session with some losses as investors are turning cautious ahead of the interest rate policy by the Fed. The USD Index is gathering strength for breaking above the immediate resistance of 102.20.Gold price is consolidating in a Symmetrical Triangle chart pattern on a four-hour scale in which volatility contracts significantly ahead of a critical event. The upward-sloping trendline of the aforementioned pattern is plotted from April 19 low at $1,969.
The 20-period Exponential Moving Average at $1,987.20 seems sticky to the Gold price, indicating a rangebound auction. Also, the Relative Strength Index is hovering in the 40.00-60.00 range, which hints at a sheer consolidation.
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