Gold needs to beat $1,920-$1,925 hurdle to confirm Fed-led bullish reversal by Dhwani286 gold commodities fed
. The BOE is widely expected to raise the Bank Rate by 50 bps to 1%, although the forward guidance and the dissenting vote will hold the key. Should the BOE surprise with a more hawkish stance, then the dollar correction would gather steam, aiding the recovery mode in Gold Price. The dollar bulls will jump back into the game if the BOE disappoints the hawks and triggers a fresh sell-off in GBP/USD. The renewed upside in Gold Price could come to a pause.
If bulls take out the abovementioned Fibo hurdle, then a fresh advance towards the $1,920-$1,925 confluence area cannot be ruled out. That zone is the intersection of the April 29 high, bearish 21-DMA and 50% Fibo level of the same decline. Tuesday’s high at $1,878 could challenge the bullish commitments should the retracement pick up steam.
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