XAUUSD SIGNAL 08/9/2022/Gold Price Forecast: XAUUSD aims to regain $1,730 ahead of Fed Chair Powell’s speech.



Gold Price Forecast: XAU/USD aims to regain $1,730 ahead of Fed Chair Powell’s speech

  • XAUUSD SIGNAL: Gold price pares intraday losses while bouncing off 200-HMA.
  • Yields probe US dollar bulls ahead of ECB, Fed Chairman Jerome Powell’s speech.
  • China-linked headlines flash mixed signals to challenge XAU/USD bears.

XAUUSD SIGNAL :Gold price (XAUUSD) picks up bids to renew intraday high near $1,718 as the US dollar retreats ahead of the key events during early Thursday. In doing so, the yellow metal extends the previous day’s rebound from the one-week low amid softer yields and a mixed risk profile.

XAUUSD SIGNAL : US 10-year Treasury yields extend Wednesday’s pullback from the highest levels since mid-June to 3.23%, which in turn weighed on the US Dollar Index (DXY) which retreats to 109.50, stretching the previous day’s losses from the 20-year high.

The recent fall in yields could be linked to the market’s rush towards the bonds ahead of the all-important European Central Bank (ECB) Monetary Policy Meeting and Fed Chair Jerome Powell’s speech. That said, chatters surrounding Japan’s likely intervention to defend the domestic currency via the bond market seem to have weighed on the yields.Confuse Which Broker is best ? , Here you can find the best regulated broker


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