Gold Price Forecast: XAU/USD seems vulnerable below 100-day SMA, Fed’s Powell in focus – by hareshmenghani Gold Commodities CentralBanks Fed XAUUSD
currently trades just above the $1,935 area and remains well within the striking distance of a three-month low touched last week.Concerns over rising interest rates turn out to be a key factor that continues to act as a headwind for the non-yielding Gold price. It is worth mentioning that the Reserve Bank of Australia and the Bank of Canada delivered a surprise 25 bps rate hike earlier this month.
Chair Jerome Powell's semi-annual congressional testimony, which will be looked for clues about the future rate-hike path. This will help determine the next leg of a directional move for the XAU/USD.In the meantime, the prevalent cautious mood might continue to lend some support to the safe-haven Gold price and help limit the downside, at least for the time being. The market sentiment remains fragile on the back of growing concerns about a global economic downturn, particularly in China.
On the flip side, any meaningful recovery beyond the $1,942 zone might continue to attract fresh supply and remain capped near the $1,962-$1,964 region. The next relevant hurdle is pegged near the $1,970-$1,972 zone ahead of the $1,983-$1,985 region. A sustained strength beyond the said barriers might trigger a fresh bout of a short-covering move, allowing the Gold price to surpass the $2,000 psychological mark and climb further towards the $2,010-$2,012 resistance.
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