Gold (XAU) Daily Forecast: XAU Hits $2,288 as Ascending Triangle Triggers Sell-off

Gold (XAU) Daily Forecast: XAU Hits $2,288 as Ascending Triangle Triggers Sell-off
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Meanwhile, the US Dollar Index has reached a weekly peak at 106.40, and 10-year Treasury yields have dipped to 4.67%, factors that typically influence gold’s performance.

Fed’s Monetary Policy Expectations and Impact on Gold

The Federal Reserve is anticipating to maintain its current interest rate levels, continuing its hawkish tone which might enhance the US dollar’s appeal, potentially dampening interest in non-yielding assets like gold.

Market participants are gearing up for a press conference post-Fed meeting, which is expected to shed more light on future monetary policies.

China’s Influence on Gold’s Demand

On another front, China’s consistent purchases of gold since October 2022 have supported gold prices internationally. These purchases, the longest continuous buildup since 2000, are speculated to be part of broader economic strategies, possibly relating to geopolitical maneuvers concerning .

Gold’s immediate future appears to hinge on a confluence of Fed policy outcomes and ongoing geopolitical tensions, with any escalation potentially revitalizing Gold’s status as a safe haven.

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