Gold Price Forecast for XAU/USD as Mixed Sentiments Weigh Amid United States Data and Debt Ceiling Talks
Gold prices are struggling to maintain their week-start corrective bounce as mixed sentiment and anxiety over top-tier US data and debt ceiling talks weigh on XAU/USD buyers. However, the US Dollar bears have taken a breather amid hawkish Federal Reserve talks. Additionally, China’s economic report indicates that economic growth is set to rebound sharply, which is underpinning the Gold price upside. The XAU/USD traders are bracing for the key US Retail Sales and debt ceiling negotiations among the US policymakers and are expecting a pullback unless the Gold price can sustain the $2,000 breakdown.
XAU/USD Could Drop Below $1,970 as USD Index Rebounds and US Banking Worries Ease
The Gold price (XAU/USD) is currently bearish, and it is expected to continue displaying weakness below $1,970.00 as the US Dollar Index (DXY) recovers. The US banking jitters have eased, which has trimmed the appeal for the Gold price as a safe-haven. The precious metal might show a significant fall after a confident break below $1,970.00, which has been a major support from the past week.