XAU/USD bounces despite pre-Fed worries; monitor levels – Confluence Detector

 

Caonfluence Detector’s Gold Price Forecast: XAU/USD bounces despite pre-Fed uncertainties, key levels to keep an eye on.

It is generally anticipated that the Federal Reserve would raise the key interest rates by 75 basis points (bps) at their meeting in July. This would be the second straight super-sized lift-off. Despite the increased likelihood of a recession, Federal Reserve Chair Jerome Powell has not wavered in his commitment to bring inflation under control.

On the other hand, the U.S. dollar and Treasury rates cannot gain on the possibly hawkish narrative, as investors instead choose to reposition themselves in front of the critical event risk for this week. The price of XAU/USD has been given much-needed relief due to this development, which has enabled the metal to post a solid return on Wednesday. Despite widespread caution, bulls remain unfazed, and factors such as U.S. tech results and the turmoil in Europe’s gas industry will be constantly monitored.

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