Gold Price Forecast: XAU/USD rebounds from $1,660 but still inside the woods, US GDP buzz – by Sagar_Dua24 Gold XAUUSD Fed GDP Inflation
The US GDP is expected to deliver positive growth despite an extreme hawkish environment. is broadly auctioning in a bounded territory as the market participants are awaiting fresh impetus for a one-sided move. The precious metal witnessed mild selling pressure at around $1,670.00 but has rebounded from $1,660.00 and has got back inside the woods. The balanced auction profile is plotted in a range of $1,660.00-1,671.20. has sensed a mild buying interest of around 109.
Also, the US Durable Goods Orders are expected to outperform by delivering an increment of 0.6% against a drop of 0.2%. It is worth noting that core inflation data is escalating for the past few months and still a progressive demand for durable goods indicate solid demand from households.Gold prices are oscillating in a Symmetrical triangle that signals a sheer contraction in volatility. An explosion of the volatility contraction pattern will result in wider ticks and heavy volume.
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