Gold Price Forecast: XAU/USD hangs near two-week low, below $1,990 amid stronger US Dollar – by hareshmenghani Gold Commodities Fed RiskAppetite XAUUSD
Hawkish Federal Reserve expectations contribute to capping the upside for the XAU/USD.Gold price
enters a bearish consolidation phase and oscillates in a narrow trading band just above a two-week low touched earlier this Wednesday. The XAU/USD remains on the defensive through the first half of the European session and currently trades around the $1,987-$1,988 region, down less than 0.10% for the day.The US Dollar gains positive traction for the second straight day and climbs to a nearly two-month high, which turns out to be a key factor undermining Gold price.
On the flip side, the $2,000 psychological mark now seems to act as an immediate hurdle. Any subsequent move up might attract fresh sellers and remain capped near the $2,020-$2,021 hurdle. That said, some follow-through buying has the potential to lift the Gold price to the $2,035-$2,040 region. Some follow-through buying should allow the XAU/USD to climb back towards the all-time high and extend the momentum further towards conquering the $2,100 round-figure mark.
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