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- Gold Price Forecast: XAU/USD bounces from $1,850, DXY remains soft on soaring market mood
Gold Price Forecast: XAU/USD bounces from $1,850, DXY remains soft on soaring market mood
- Gold price has attracted bids to near $1,850.00 on broader weakness in the DXY.
- Poor GDP numbers and flat PCE figure has dented the demand for the DXY.
- In today’s session, US Core PCE and Michigan CSI are in focus.
Gold price (XAU/USD) witnessed a minor pullback towards $1,850.00 in its initial trading hours but has bounced back sharply. The precious metal is displaying a balance auction in a range of $1,840.76-1,856.35 from Wednesday amid the unavailability of any potential trigger that could provide a direction to the asset. Also, the release of the US Gross Domestic Product (GDP) numbers and Personal Consumption Expenditure (PCE) figures on Thursday failed to provide any meaningful move in the counter.
The annualized US GDP landed at -1.5%, lower than the estimates of -1.3% and the prior print of -1.4%. An underperformance on the GDP front didn’t bring a supportive move in the asset. Apart from that, the precious metal didn’t respond to the unchanged PCE numbers.
On the dollar front, the US dollar index (DXY) is established below 102.00. The DXY is expected to extend its losses after slipping below Tuesday’s low at 101.65. A firmer rebound in the positive market sentiment brought some significant offers to the counter.
On Friday, investors will keep the Core Personal Consumption Expenditure (PCE) Price Index on their radar, which may tumble to 4.9% against the prior print of 5.2%. Apart from that, Michigan Consumer Sentiment Index (CSI) will remain in focus, which is seen unchanged at 59.1.
Gold technical analysis
On an hourly scale, gold prices are trading in a consolidation range of $1,840.76-1,856.35 near the upward sloping trendline placed from May 16 low at $1,786.94, adjoining May 19 low at $1,811.01. The 20- and 50-period Exponential Moving Averages (EMAs) have given a bearish crossover at $1,856.23, which adds to the downside filters. Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a no trading zone.
Gold hourly chart
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