Gold Price Forecast: Bulls keep pushing after strong Chinese Services PMI Gold XAUUSD PMI
US Dollar retraced a bit despite surging US Treasury 10-year bond yields.Gold price bulls have returned to action, helping the bright metal break out of a bearish trend that had dominated XAU/USD price action during February. What has been more impressive is that Gold has been able to rally despite US Treasury bond yields gathering strength, which usually supports the US Dollar and weighs on yield-less commodities.
It's worth noting, however, that the CME Group FedWatch Tool shows that markets are fully pricing in at least two more 25 basis points Federal Reserve rate hikes in March and May. Additionally, the probability of the Fed holding the policy rate unchanged in June stands at 25%. Fresh buying opportunities will be created above the 21 DMA hurdle, fuelling a rally toward the mildly bullish 50 DMA at $1,858.Financial markets have been a two-tale story for the early part of 2023, in which Gold price has reflected in its price action like no other asset.
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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