Although XAU/USD bulls brace for a positive week, it all depends upon how well Federal Reserve (Fed) Chairman Jerome Powell manages to defend the hawkish policy amid fresh calls for the end to the “higher for longer” rates. The early signals have been mixed and Analysts at the ANZ said, “We do not think there will be early rate cuts from the Fed as an extended period of strong growth will skew the risk towards higher interest rates. It will be imperative to watch incoming data closely in coming weeks for the likely impact on the future policy path.” The same prods the Gold buyers.
Apart from Fed Chair Powell’s Speech, European Central Bank (ECB) President Christine Lagarde’s statements will also be important as they could indirectly affect the US Dollar and the Gold Price in turn.
Additionally, the mid-tier clues for the US consumer sentiment and inflation conditions will also decorate the calendar and may keep the Gold traders busy.
Overall, an absence of firmer data has already teased the Gold buyers but hawkish central bankers may reverse the XAU/USD jump.
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