Gold Price Forecast: XAUUSD sellers keep their sights on $1,800, US PCE inflation in focus
|Gold Price was knocked down to its lowest level since mid-June at $1,812. As FXStreet’s Dhwani Mehta notes, the yellow metal remains exposed to downside risks.
XAUUSD awaits US PCE inflation for a sustained move lower
“The Core PCE inflation is seen easing to 4.7% YoY in May vs. 4.9% previous. Softer core figures could suggest that inflation is peaking, prompting investors to believe that Fed could go slow on its tightening cycle. Thus, gold could attract fresh demand in line with expectations or below forecasts reading, as it would down the dollar alongside the yields.”
“Wednesday’s low of $1,1812 could offer immediate support to bulls, below which the June 15 low of $1,808 will be under threat, as a breach of the $1,800 mark remains on the table.”
“Any upside attempt would need buyers to recapture the pennant support turned resistance, now at $1,824. Acceptance above the latter will fuel a decent bounce towards the $1,836 area.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.