Gold Price Forecast: XAU/USD traders in high anticipation of the Federal Reserve interest rate decision – by fx_ross Gold DollarIndex Commodities Fed SEO
d, the US Dollar weakened against major currencies midweek amid worries that rising interest rates could push the United States economy into recession. Traders are buying up the safe havens amid growing recessionary fears which has helped to boost sentiment in the Gold market. The ''thirty-year United States Treasuries dropped more than 10bp to a three-month low while yields on the 10-year United States Treasuries were also lower.
Meanwhile, analysts at TD Securities argue that the pain trade in Gold price may finally be abating, ''but a notable consolidation in prices is still needed before CTA trend followers spark renewed outflows in G. We look for a break below the $1,745/oz range for the first of several selling programs likely to weigh onThe daily charts above show the Gold price correcting in the harmonic formation although it has started to decelerate around the key $1,800s.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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