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Forecast for the Gold Price: The XAU/USD pair continues to struggle below $1,850 as investors await FOMC minutes

Daniel Rogers

Jan 04, 2023 15:03

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After clearing the $1,800.00 barrier, the gold price (XAU/USD) has leveled off around $1,844.00 in the early European session. The precious metal continues to struggle to surpass the important resistance level of $1,850. Following the release of United States ISM Manufacturing PMI data, the gold price is anticipated to demonstrate a significant move.

 

S&P500 futures tried a recovery rise in the Asian session following a two-day decline, but require more filters to draw a responsive purchasing action, indicating cautious optimism. The US Dollar Index (DXY) is fighting to hold above the 104.20 threshold as 10-year US Treasury yields decline below 3.73 percent.

 

The ISM Manufacturing PMI is likely to decline further to 48.5, from 49.0 in November, according to forecasts. The Federal Reserve (Fed) could be compelled to scale down its policy tightening measures as a result of weakening manufacturing activity in the United States, which are anticipated to herald a further decline in inflation estimates. Thursday's release of the Federal Open Market Committee (FOMC) minutes will provide investors with greater insight into the prospects for monetary policy.


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