Gold Price Forecast: XAU/USD Traded Cautiously


The US dollar was trading steady today after trading lower in the New York market session yesterday.

Statements issued by Fed committee members Loretta Mester and Neel Kashkari have clearly indicated that the Fed will not rush to implement interest rate cuts this year. This statement is seen to stimulate demand for the American Dollar.

For information, today at the New York session, the sale of US-10Y Treasury Bonds will be implemented.

In connection with that, the gold market is expected to be traded in "consolidation" until the sale of bonds is implemented.

In addition, market players will be focused on new indicators through the speeches of several Fed committee members such as Fed Barkin and Bowman scheduled for Thursday.

Technical Analysis

Based on the daily chart, the gold price is seen trading cautiously at the $2,030 price level. If that level is able to provide support for gold, $2,050 is seen to be a major barrier.

However, if $2,030 fails to be defended, gold prices are expected to test the $2,000 price level.