XAU/USD bulls take a breather below the $2,000 mark, US data, geopolitical tensions eyed
The post XAU/USD bulls take a breather below the $2,000 mark, US data, geopolitical tensions eyed appeared on BitcoinEthereumNews.com. Gold price currently trades near $1,975 after retracing from the nearly $2,000 mark. Federal Reserve (Fed) Chair Powell and other Fed officials signal that rates would be held steady at its November meeting. Geopolitical tensions continue to hang over the market, which boosts the safe-haven asset like gold. Market players will focus on the US PMI, growth numbers, and the Core Personal Consumption Expenditures (PCE). Gold prices (XAU/USD) trims a part of the previous week’s gains and hovers around $1,975 during the Asian session on Monday. The bullish outlook of the precious metal is bolstered by the safe-haven flows due to the escalating geopolitical tensions in the Middle East. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, consolidates around 106.15. As the FOMC enters its blackout period, there is a clear signal that rates will be held steady at its November meeting. On Friday, Atlanta Federal Reserve (Fed) President Raphael Bostic stated that he doesn’t think that the US central bank will cut the rate before the middle of next year. Fed Philadelphia President Patrick Harker reiterated his preference to keep interest rates unchanged. While Fed Cleveland President Loretta Mester said the US central bank is “at or near the peak of the rate hike cycle. Additionally, Fed Chair Jerome Powell signaled a desire to pause rate hikes and watch how economic data develops in the coming months. Powell further stated that more monetary policy tightening might be appropriate if there are more indications about above-trend growth or if the labor market stops easing. Market players will focus on the US economic data this week, which might convince the central bank about the further monetary policy path. The stronger-than-expected data could lift the US Dollar (USD) higher and weigh on…
The post XAU/USD bulls take a breather below the $2,000 mark, US data, geopolitical tensions eyed appeared on BitcoinEthereumNews.com.
Gold price currently trades near $1,975 after retracing from the nearly $2,000 mark. Federal Reserve (Fed) Chair Powell and other Fed officials signal that rates would be held steady at its November meeting. Geopolitical tensions continue to hang over the market, which boosts the safe-haven asset like gold. Market players will focus on the US PMI, growth numbers, and the Core Personal Consumption Expenditures (PCE). Gold prices (XAU/USD) trims a part of the previous week’s gains and hovers around $1,975 during the Asian session on Monday. The bullish outlook of the precious metal is bolstered by the safe-haven flows due to the escalating geopolitical tensions in the Middle East. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, consolidates around 106.15. As the FOMC enters its blackout period, there is a clear signal that rates will be held steady at its November meeting. On Friday, Atlanta Federal Reserve (Fed) President Raphael Bostic stated that he doesn’t think that the US central bank will cut the rate before the middle of next year. Fed Philadelphia President Patrick Harker reiterated his preference to keep interest rates unchanged. While Fed Cleveland President Loretta Mester said the US central bank is “at or near the peak of the rate hike cycle. Additionally, Fed Chair Jerome Powell signaled a desire to pause rate hikes and watch how economic data develops in the coming months. Powell further stated that more monetary policy tightening might be appropriate if there are more indications about above-trend growth or if the labor market stops easing. Market players will focus on the US economic data this week, which might convince the central bank about the further monetary policy path. The stronger-than-expected data could lift the US Dollar (USD) higher and weigh on…
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