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Gold Price Prediction: XAU/USD attempts to increase auction profile over $1,840 prior to Fed minutes

Daniel Rogers

Jan 03, 2023 15:06

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After surpassing the crucial resistance of $1,823.00 in the Asian session, the gold price (XAU/USD) has exhibited a robust upward trend. In response to a fall in the desirability of safe-haven assets, the precious metal seeks to raise its auction profile over the $1,840.00 barrier.

 

The momentum has moved to the risk appetite theme as a result of the S&P500 futures' abrupt comeback. In the meantime, the US Dollar Index (DXY) has attempted a rebound after falling close to 103.15, a key support level. Ahead of Wednesday's release of U.S. ISM Manufacturing PMI data, investors should anticipate volatility in the foreign exchange market (Dec). According to predictions, the economic data will decrease to 48.5, from 49.0 previously.

 

The explanation for the lower consensus for ISM PMI data could be the Federal Reserve's (Fed) higher interest rates, which have caused businesses to delay growth plans to avoid incurring greater interest commitments.

 

In addition to the Manufacturing PMI, the Federal Open Market Committee (FOMC) minutes will dominate the news. Investors will closely monitor economic estimates and monetary policy indicators for CY2023.


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