Gold Price Forecast: XAU/USD retreats towards $1,640 support as risk-on mood fades – by anilpanchal7 Gold XAUUSD RiskAppetite CentralBanks Inflation
e week-start optimism fades amid a lack of major positives. Also challenging the metal buyers could be the looming fears of market intervention by the Japanese and Chinese policymakers to defend their respective currencies, as well as hawkish Fed bets.
It should be noted that the market’s bets, as per the CME’s FedWatch Tool, suggest a 75 bps Fed rate hike in November, which in turn probe the XAU/USD buyers. The hawkish Fed bets could have recently taken clues from upbeat comments from US Treasury Secretary Janet Yellen, suggesting a strong US jobs market, as well as upbeat US inflation expectations as per the 10-year and 5-year breakeven inflation rates per the St. Louis Federal Reserve data.
Also favoring the gold buyers was the downbeat US data. That said, NY Empire State Manufacturing Index for October dropped -9.5 versus -4.0 expected and -1.5 prior.
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