Gold Price Forecast: XAU/USD slides towards $1,638 support on firmer DXY ahead of Fed’s verdict, US NFP – by anilpanchal7 Gold XAUUSD RiskAppetite Fed NFP
Gold price holds lower grind near intraday bottom, prints three-day downtrend around weekly horizontal support.Fed’s 75 bps move is price-in but clues for December will be crucial to watch for XAU/USD bears. remains pressured towards $1,638 horizontal support during Monday’s Asian session, mildly offered by the press time.
Also exerting downside pressure on the gold price could be Friday’s strong prints of the Fed’s preferred inflation gauge, namely the US Core Personal Consumption Expenditures Price Index. However, the fifth quarterly fall in the US private consumption joins fears of the US Federal Reserve’s slower rate hike starting from December to challenge the US dollar bulls. That said, economists at Goldman Sachs raised the Fedand saw the peak at 5% in March.