Gold Price Forecast: XAU/USD threatens 100-day SMA ahead of FOMC decision XAUUSD Gold Metals
continues to exert downward pressure on XAU/USD. Notably, the recent release of Initial Jobless Claims data by the US Department of Labor revealed a lower figure of 228,000 people filing for unemployment benefits in the second week of July, below the market expectation of 242,000. These positive employment figures reflect a robust US economy, potentially prompting the Federal Reserve to maintain a more aggressive stance.
Ahead of next week’s Federal Open Market decision, markets have practically priced in a 25 basis point hike, and robust labour market data boosted the odds of an additional hike past July. However, those odds remain low, near 30%. In addition, Chair Powell’s presser will be closely watched as investors look for clues regarding forwards guidance.dominated by bears.
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