Gold Price Forecast: XAU/USD grinds within bullish channel despite easy United States Treasury yields, Dollar Gold XAUUSD SEO Fed YieldCurve
ts that helped the Gold price snap a two-day downtrend as market sentiment dwindles due to mixed signals and a cautious mood ahead of an important event. Even so, downbeat US Dollar and United States Treasury bond yields put a floor under the commodity’s price.Gold price managed to post the first daily gains in three as downbeat United States Treasury bond yields joined the US Dollar weakness amid softer US data.
Talking about the United States data, the US Housing Starts and Building Permits roiled the mood with downbeat prints for March on Tuesday. That said, the Housing Starts eased to 1.42M versus 1.432M prior and 1.40M market forecasts whereas the Building Permits dropped to 1.413M from 1.55M previous readings and analysts’ estimations of 2.2M.
Gold price remains firmer inside a one-month-old ascending trend channel, recently bouncing off the 100-bar Simple Moving Average .
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