GOLD (XAU/USD) price forecast:
The price of Gold (XAU/USD) is facing renewed selling pressure today as hawkish comments from Fed policymakers reigned in the recent hopes that the Fed are done. Traders are hoping for a different tone in Fed Chair Powell’s speech at the US central bank statistics conference.
The Dollar Index is continuing its attempted recovery today but struggling at the 105.63 area which has served as a key area of resistance in the past.
Moreover, the only other factor affecting the US Dollar this week will be the Michigan Consumer Sentiment preliminary numbers due out on Friday.
Technically speaking, Gold is seen to have continued its decline toward the psychological $1950 support level.
If this breaks, it might open the door for a return to $1900. However, there will be some key support tests that will need to be navigated first.
Long positions:
– $1900
Short positions:
– $1950
All trading must be done with caution and it is recommended to consult with an investment advisor.
