Gold Price Forecast: XAU/USD touches its lowest level since January, remains vulnerable – by hareshmenghani Gold Commodities Fed Inflation SEO
to a higher level than previously anticipated, Barkin added. Separately, Dallas Fed President Lorie Logan said, “we must remain prepared to continue rate increases for a longer period than anticipated." Adding to this, New York Fed President John Williams flagged a prolonged battle against inflation over the coming months. The markets were quick to price in at least 25 bps lift-off at each of the next two Federal Open Market Committee meetings in March and in May.
is to the downside. Traders now look to the US economic docket, featuring monthly Retail Sales and the Empire State Manufacturing Index for a fresh impetus.From a technical perspective, acceptance below the 50-day Simple Moving Average adds credence to the negativeand supports prospects for deeper losses. Furthermore, oscillators on the daily chart are holding deep in the bearish territory and are still far from being in the oversold zone.
On the flip side, the 50-day SMA, currently around the $1,858-$1,859 region, now seems to act as an immediate hurdle ahead of the overnight swing high, around the $1,870-$1,871 zone. Any further recovery might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the $1,890 barrier.
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