Bulls eye a coorection, US PMIs will be key
Gold price is down on the day after falling from a high of $1,935 to a low of $1,912.82 with the market getting behind the US Dollar and US yields.
Gold prices fell to the lowest in three months on Thursday as investors fear that US interest rates will rise as the central bank looks to slow the US economy to lower inflation. Fed's Chairman Powell addressed the Senate Banking Panel and repeated that interest rates are likely to continue on an upward path and that no cuts to rates are coming anytime soon.
As per the prior day's analysis, Gold Price Forecast:
XAU/USD bears eye breakout, whereby the wick on the daily chart was noted and was expected to be filled in the coming session as a catalyst for a selling programme into support we have seen a low of $1,912.82.
Gold prices fell to the lowest in three months on Thursday as investors fear that US interest rates will rise as the central bank looks to slow the US economy to lower inflation. Fed's Chairman Powell addressed the Senate Banking Panel and repeated that interest rates are likely to continue on an upward path and that no cuts to rates are coming anytime soon.
As per the prior day's analysis, Gold Price Forecast:
XAU/USD bears eye breakout, whereby the wick on the daily chart was noted and was expected to be filled in the coming session as a catalyst for a selling programme into support we have seen a low of $1,912.82.