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Forecast for Gold Price: XAU/USD sellers near $1,955 confluence as yields recover amid banking and growth concerns

Alina Haynes

Mar 27, 2023 14:38

 截屏2022-06-07 下午5.15.32.png

 

Gold price (XAU/USD) falls $1,970 over the course of a two-day losing trend preceding Monday's European session. In doing so, the precious metal justifies the most recent revival in US Treasury bond yields and the US Dollar, while extending yesterday's U-turn from the key resistance zone.

 

As First Citizens bank agrees to purchase a sizable portion of Silicon Valley Bank, dwindling banking jitters may also be a factor. (SVB). In recent days, the XAU/USD has been weighed down by hawkish Fed comments, the pace of China's growth, one of the world's largest Gold consumers, as well as primarily US data.

 

Kristalina Georgieva, the head of the International Monetary Fund (IMF), cautioned that "risks to financial stability have increased," prompting an investigation into Gold sellers. On the same vein, Minneapolis Fed President Neel Kashkari voiced concerns about an impending US recession.

 

US Dollar Index (DXY) prints a three-day uptrend near 103.12 as traders prepare for important inflation data on Friday, specifically the US Core Personal Consumption Expenditure (PCE) Price Index for February.

 

In spite of this, 10-year US Treasury bond yields increased by two basis points to 3.40 percent, while their two-year counterpart ended a three-day losing trend close to 3.85 percent as of press time.

 

Moving forward, the Gold price remains on the bears' radar due to the failure of traders to overcome the critical resistance and the month-end consolidation. However, Friday's release of the Fed's favored inflation gauge becomes crucial for XAU/USD traders seeking direction.


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