Gold Price Forecast: XAU/USD rebound eyes $1,800 as US inflation expectations probe Fed hawks – by anilpanchal7 Gold XAUUSD Fed RiskAppetite Inflation
to the greenback’s moves, the technical analysis also favors the bullion buyers to keep the reins even as the markets dwindle pre-Fed blackout of the policymakers.
On Friday, the US Nonfarm Payrolls surprised markets by rising to 263K versus 200K expected and an upwardly revised prior of 284K while the Unemployment Rate matched market forecasts and prior readings of 3.7% for November. Following the upbeat data, Chicago President Charles Evans said, "We are probably going to have a slightly higher peak to Fed policy rate even as we slow pace of rate hikes.
Elsewhere, hopes that China would soon dial back its strict Zero-COVID policy seemed to have favored the market’s optimism. China is set to announce a further easing of some of the world's toughest COVID curbs as early as Wednesday, Reuters quotes an anonymous source to report. Moving on, Gold may witness further recovery amid a likely sluggish day but concerns surrounding China and the Fed appear important for near-term directions.Gold reverses the previous day’s U-turn from a six-month-old horizontal resistance, around $1,805-07 as it bounces off an upward-sloping support line from early November, around $1,765 by the press time. Also keeping the buyers hopeful is the steady RSI and sluggish MACD signals.
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