Gold Price Forecast: XAU/USD Holds Above $1,640 Amid Fed Pre-Anxiety, PMIs Eyed
Amidst uncertain sentiment in the market, the price of Gold is now bidding higher than the $1,640.00 support level. It is anticipated that the Federal Reserve will raise interest rates for the fourth time by 75 basis points. It is anticipated that the ISM Manufacturing PMI data will come in lower than the consensus estimate, which may affect the DXY.
In the Tokyo session, the gold price (XAU/USD) was disappointing as the market impetus produced mixed replies. Following the footsteps of the rangebound US dollar index, the price of the precious metal is now trading in a tight band between $1,640.60 and $1,644.25. (DXY).
The gains that the S&P 500 futures saw on Friday have been maintained, although there has been a little retracement in Tokyo, which does not seem to be substantial. On the other hand, the alpha produced by US government bonds is showing signs of improvement. The yield on the 10-year US Treasury note has reached 4.04% recently.
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