- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD could recapture the $1,919 barrier on softer US CPI
Gold Price Forecast: XAU/USD could recapture the $1,919 barrier on softer US CPI
Gold price retreats from six-week highs but holds above the $1,900 level. XAU/USD needs softer United States Consumer Price Index (CPI) data to take out the $1,919 barrier, FXStreet’s Dhwani Mehta reports.
$1,900 could be tested on further retracement in the Gold price
“A softer-than-expected US inflation data could help strengthen the ongoing narrative that the Fed should pause its rate hike cycle amid mounting risks to financial stability. As a result, the USD could witness a fresh selling wave, reaffirming Gold’s journey toward the $2,000 threshold.”
“Daily closing above the February 3 high of $1,919 is needed to resume the uptrend toward the year-to-date highs of $1,960. The next stop for Gold buyers is seen at the $2,000 threshold.”
“On the flip side, $1,900 could be tested on further retracement in XAU/USD. Should the correction gather steam, then Gold sellers will extend control toward the mildly bullish 50-Daily Moving Average (DMA) at $1,874. Ahead of that, the February 9 high of $1,890 could come to the rescue of Gold buyers.”
See – Gold Price Forecast: XAU/USD bullish momentum continues, eyes on next resistance at $1,960 – ANZ
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
