Gold price forecast: XAU/USD trades with a slight negative bias
Updated
Gold prices fell nearly 2,155 USD in early trading on Monday in Asia.
The FOMC will likely leave interest rates unchanged at its March meeting on Wednesday and will be in no rush to cut rates.
Chinese policymakers emphasized the need to continue implementing proactive fiscal policy and strengthen the country's economic recovery.
China's February retail sales and industrial production will be released on Monday.
Gold prices (XAU/USD) hovered around $2,155 during early Asian trading hours on Monday. The decline in yellow grades was supported by stronger-than-expected US February inflation data, which could delay interest rate cuts by the Federal Reserve (Fed). Meanwhile, positive forums surrounding stimulus measures from the Chinese government or strong demand from China could lift gold prices.
The University of Michigan revealed today Friday that its Consumer Sentiment Index was weaker than expected, falling to 76.5 in March from a level of 76.9 in the previous reading. Meanwhile, inflation expectations in 1 year and 5 years remained unchanged at 3.0% and 2.9% respectively. Finally, US Industrial Products improved by 0.1% MoM in February from a downward revision of -0.5% MoM in January.
The FOMC will likely leave interest rates unchanged at its March meeting on Wednesday and will be in no rush to cut rates.
Chinese policymakers emphasized the need to continue implementing proactive fiscal policy and strengthen the country's economic recovery.
China's February retail sales and industrial production will be released on Monday.
Gold prices (XAU/USD) hovered around $2,155 during early Asian trading hours on Monday. The decline in yellow grades was supported by stronger-than-expected US February inflation data, which could delay interest rate cuts by the Federal Reserve (Fed). Meanwhile, positive forums surrounding stimulus measures from the Chinese government or strong demand from China could lift gold prices.
The University of Michigan revealed today Friday that its Consumer Sentiment Index was weaker than expected, falling to 76.5 in March from a level of 76.9 in the previous reading. Meanwhile, inflation expectations in 1 year and 5 years remained unchanged at 3.0% and 2.9% respectively. Finally, US Industrial Products improved by 0.1% MoM in February from a downward revision of -0.5% MoM in January.
Note
💵XAUUSD BUY LIMIT 2142 - 2144💵✔️TP 2148
✔️TP 2153
❌SL 2137
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