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Gold Price Prediction: The XAU/USD will meet resistance around $1,875 as the USD Index strives to recover

Alina Haynes

Feb 07, 2023 15:44

截屏2022-11-24 下午3.13.23.png 

 

In the Asian session, the price of gold (XAU/USD) is under pressure to extend its recovery over the important resistance of $1,875.00. After correcting to near 103.10, the US Dollar Index (DXY) has tried a recovery, which has prompted selling interest in precious metals. Investors anticipate a volatile performance from the USD Index as they await fresh impetus from Federal Reserve (Fed) head Jerome Powell's speech.

 

The USD Index (DXY) was projected to exhibit signs of volatility shrinkage following a three-day winning streak following the release of massive United States Nonfarm Payrolls (NFP) data. After a wild ride, the USD Index bulls are weary, but the bullish bias remains intact. S&P500 futures are maintaining the modest gains made during the Asian session.

 

In light of the recent improvement in the U.S. labor market, the forthcoming speech of Fed chairman Jerome Powell has taken on greater significance. After noticing a significant decrease in inflation, the market began to anticipate a pause in the Fed's policy tightening cycle. Nonetheless, the optimistic job report for January suggests that the fight against inflation still has considerable steam.

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