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Exciting Gold Price Forecast: XAU/USD stands firm above the $1,900 mark, while all eyes eagerly await the US PCE Price Index for a burst of fresh impetus.

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Gold Price Forecast: XAU/USD Glides Around $1,900, Anticipating Data to Unveil Fed’s Hawkish Signals – Confluence Detector The captivating dance of XAU/USD continues as it gracefully hovers around the $1,900 mark. All eyes are now fixated on the upcoming data releases, eagerly awaiting any signs of the Federal Reserve’s hawkish stance. The Confluence Detector, our trusty companion in deciphering market trends, stands ready to analyze the intricate web of factors influencing gold prices. With its keen eye for detail, it will help us navigate through the labyrinth of information and identify potential turning points. As the XAU/USD pair glides through the market, traders and investors alike are on the edge of their seats, anticipating the release of crucial data. This data holds the key to unlocking the Federal Reserve’s intentions, providing valuable insights into their hawkish or dovish leanings. In this thrilling saga, the Confluence Detector acts as our guide, shedding light on the convergence of technical levels, moving averages, and Fibonacci retracements. Its comprehensive analysis empowers us to make informed decisions and stay ahead of the game. So, as we witness the mesmerizing performance of XAU/USD, let us keep a watchful eye on the data that lies ahead. With the Confluence Detector by our side, we can navigate the twists and turns of the market and seize opportunities as they arise.
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Gold Price Forecast: XAU/USD bears keep control, focus on $1,885 and Fed inflation gauge
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Stronger-than-expected US economic data boosts the US Dollar across the board. US Treasury yields spike higher, putting pressure on Gold. XAU/USD fell below $1,900/oz, reaching its lowest level in three months. Gold prices tumbled following the release of US economic data. XAU/USD broke below $1,900 for the first time since mid-March and fell to $1,894.
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Gold Price Forecast: XAU/USD bears keep control, focus on $1,885 and Fed inflation gauge

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Gold Price stays bearish near the lowest levels since March, braces for the second consecutive weekly loss. Hawkish Federal Reserve talks, upbeat United States data underpin US Dollar strength and weigh on XAU/USD. US-China jitters, Germany’s recession fears and fewer accolades for European Central Bank hawks also favor Gold sellers. China’s official PMIs, US PCE
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Gold Price Forecast: XAU/USD Glides Around $1,900, Anticipating Data to Unveil Fed’s Hawkish Signals – Confluence Detector The captivating dance of XAU/USD continues as it...

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Gold Price remains dicey as bears attack the key support while seeking confirmation of hawkish Fed bias. Fed’s preferred inflation, FOMC Minutes and NFP will be crucial to watch for clear XAU/USD directions. US-China headlines, central bankers’ speeches may entertain the Gold sellers. Gold Price (XAU/USD) lacks clear directions even as bears keep the reins
  • Gold price fails to attract any buyers or build on the overnight bounce from a multi-month low.
  • Hawkish major central banks continue to act as a headwind for the non-yielding commodity.
  • The US Dollar stands tall near a two-week high and also contributes to capping the XAU/USD.
  • Investors keenly await the release of the US PCE Price Index before placing directional bets.

Gold price struggles to capitalize on the overnight bounce from the $1,893-$1,892 area, or its lowest level since mid-March and oscillates in a narrow trading band during the Asian session on Friday. The XAU/USD currently trades below the $1,910 level, nearly unchanged for the day as traders keenly await the release of the key inflation data from the United States (US) before placing fresh directional bets.

Market focus remains glued to US PCE Price Index

The US Personal Consumption Expenditures (PCE) Price Index, especially the core reading, is the Federal Reserve’s (Fed) preferred inflation gauge and might influence expectations about the future rate-hike path. This, in turn, will play a key role in influencing the US Dollar (USD) price dynamics and help determine the next leg of a directional move for the Gold price. In the meantime, the USD is seen consolidating its gains recorded over the past two trading days, to the highest level since June 13, and lends some support to the US Dollar-denominated XAU/USD.

Hawkish central banks continue to cap Gold price

That said, a more hawkish outlook by major central banks continues to act as a headwind for the non-yielding Gold price and keeps a lid on any meaningful recovery. In fact, the European Central Bank (ECB) President Christine Lagarde, speaking at the Sintra central banking event in Portugal, said that inflation in the Eurozone is too high and is set to remain so for too long, lifting bets for a ninth consecutive lift-off in July. Adding to this, the Bank of England (BoE) Governor Andrew Bailey hinted that rates could remain at peak levels for longer than traders currently expect.

Elevated US bond yields underpin the USD and cap XAU/USD

Fed Chair Jerome Powell, meanwhile, reiterated that two rate increases are likely this year and said that he does not see inflation coming down to the Fed’s 2% target until 2025. This, along with the upbeat US macro data released on Thursday, reaff

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