Gold Price Forecast: XAU/USD bears are stepping in below $2,000 Gold Commodities DollarIndex Fed
d price is trading near $1,979 and has traveled between $2,009.85 and $1,965.99 so far this week for the initial balance.
Fundamentally, bank stocks are a driving force that rallied on Monday with a tentative sigh of relief due to the rescue of Credit Suisse with UBS buying the troubled bank for 3 billion francs . The speedy measure to stem contagion, however, does not guarantee anything and some argue that was has occurred is just the tip of the iceberg. For instance, shares in First Republic Bank, the lender drawing the most concern from US investors right now cratered 33.
It’s also possible that “we just go from one weak institution falling over to the next,” said Vicky Redwood, senior economic adviser at Capital Economics. There are no other obvious candidates that could be singled out like Credit Suisse, but it’s “hard to predict where the problems will emerge,” she explained.Meanwhile, the Gold price will be sensitive to the US Dollar and the Federal Reserve this week. Fed funds futures show a 26.
´´Despite banking regulators rushing to shore up market confidence, the uncertain macro backdrop continues to entice buying. Bullion-backed ETF saw strong inflows, with SPDR Gold Share’s holding increasing by more than 204kz last session,´´ analysts at ANZ bank explained. ´´Swaps traders remain split on whether the US Federal Reserve will hike again this year. All eyes now shift to the Fed’s two-day meeting. Any dovish commentary should help support the precious metals sector.´´
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