Gold Price Forecast: Strong US Dollar signals XAU/USD fall towards sub-$1,800 zone Gold XAUUSD SEO Inflation Fed
ek south-run. That said, the yellow metal begins the week’s trading on a back foot around $1,810 as bears cheer strong US Dollar amid upbeat United States economics. Among the US data, the Federal Reserve favored inflation gauge offered major blow to the XAU/USD price.Gold price dropped in the last four consecutive weeks, as well as five days in a row, as the US Dollar marked the biggest weekly jump since September 2022.
Additionally, the Chicago Fed National Activity Index improved to 0.23 in January from -0.46 , versus 0.03 analysts’ estimates. On the same line, Initial Jobless Claims also eased to 192K for the week ended on February 17 from 195K prior, compared to 200K expected.While tracing upbeat US data, the Federal Reserve officials were also hawkish and backed the US Dollar bulls, as well as weighing on the Gold price.
and weigh on the Gold price. As per the latest reading of the FEDWATCH tool, market players price a year-end effective fed funds rate at 5.3%, versus 5.1% signalled by the US central bank in its December meeting.Other than the United States data and the hawkish Fed bets, geopolitical fears surrounding Russia and China also weigh on the Gold price. Recently, China released its 12-point peace plan but failed to gain accolades due to its ties with Russia.
That said, the quote’s downside break of a one-week-old horizontal support line, around $1,817, joins the bearish signals from the Moving Average Convergence and Divergence indicator to strength the downside bias.
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