Gold Price Forecast: XAU/USD bears comply with symmetrical triangle Gold Fed Currencies Commodities SEO
is currently trading at $1,850 and at the bottom of a new box that was formed in Friday's sell-off. The yellow metal dropped on Monday in a continuation of that move and from the day's high set in Asia at $1,866.59. Gold is pressured as investors get set for a very heavy week of data in the United States where we start on Tuesday, with what could be a robust 6.2% annualized Consumer Price Index outcome for the prior month.
However, there are mixed outlooks for the CPI data with some analysts anticipating a hawkish outcome while others a dovish one. ''The latest USD correction was inspired mostly by extreme positioning and short-term risk premium, which has also started to correct,'' they noted. ''Plus, the strong employment numbers did little to rattle the Fed, which has helped reinforce the soft-landing narrative.''
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