Gold Price Forecast: XAU/USD enters a bearish consolidative phase, FOMC Minutes awaited
Gold price is attempting a temporary recovery above the $1,830 mark. But XAU/USD remains exposed to downside risks, FXStreet’s Dhwani Mehta reports.
How will XAU/USD react to the Federal Reserve Minutes?
“The Gold price reaction to the Fed Minutes could be limited, as traders could see it as outdated and choose to pay more attention to Friday’s United States Core PCE inflation – the Fed’s preferred inflation gauge.”
“The critical horizontal trendline support from the January 5 low at $1,825 could hold the fort, as Gold sellers are seen threatening the $1,830 round figure. The next target for Gold bears is envisioned at Friday’s low of $1,819 on a sustained selling momentum.”
“Gold buyers need to find acceptance above the $1,850 psychological level on the road to recovery, above which a new run-up toward the flattish 50-Daily Moving Average (DMA) at $1,864 cannot be ruled out. Fresh buying opportunities will likely emerge above Valentine’s Day high at $1,870.”
See – Gold Price Forecast: XAU/USD to shrug off Fed Minutes – Commerzbank
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FXStreet Insights Team
FXStreet
The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.
