sentiment and underpin the US Dollar’s haven demand. Adding strength to the risk-off mood are the geopolitical concerns about Russia and the firmer US Treasury bond yields, which in turn allows the US Dollar Index to remain firmer after rising in the last four consecutive weeks despite looming policy pivot at the Federal Reserve .
It’s worth noting that a suspension of its bond trading by China’s Country Garden joins the non-receipt of the payments from a subsidiary of Chinese conglomerate Zhongzhi Enterprise Group to bolster the debt woes of China. Elsewhere, Russia’s readiness to equip new nuclear submarines with hypersonic missiles and the US-China trade war also contributes to the risk-off mood, which in turn weighs on the XAU/USD Price.
Elsewhere, mostly upbeat US inflation clues contrast with the dovish interest rate futures, suggesting no Fed rate hike in September, to challenge the US Dollar ahead of more clues about the US price pressure and the Fed Minutes.Gold Price Forecast: XAU/USD defends 200-day EMA amid risk-aversion, bearish bias remainsOur Technical Confluence indicator suggests that the Gold Price stays well beneath the key $1,920 resistance confluence comprising the 5-DMA, Fibonacci 23.
Also keeping the XAU/USD bears hopeful is the quote’s clear downside break of the $1,918 support, now immediate resistance encompassing Pivot Point one-month S1 and Fibonacci 38.2% on one-day.However, the quote’s weakness past $1,900 has a space to fill unless hitting the yearly low marked in June around $1,893.towards the $1,935 level encompassing Pivot Point one-week R1 and Fibonacci 61.8% on one-month.
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