{"id":22350,"date":"2024-11-07T04:02:13","date_gmt":"2024-11-07T04:02:13","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=22350"},"modified":"2024-11-07T04:10:00","modified_gmt":"2024-11-07T04:10:00","slug":"gold-price-forecast-will-fed-chair-powell-rescue-xau-usd","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-will-fed-chair-powell-rescue-xau-usd-20241107\/","title":{"rendered":"Gold Price Forecast: Will Fed Chair Powell rescue XAU\/USD?"},"content":{"rendered":"<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong><strong>Gold price attempts a tepid bounce from three-week lows of $2,644 early Thursday.<\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong><strong><strong>The US Dollar consolidates the Trump trades-led rally on the Republican candidate\u2019s presidency.<\/strong>&nbsp;&nbsp;&nbsp;&nbsp;<\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>The daily technical setup for Gold price suggests that the tide has turned in favor of sellers.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Gold price is seeing a dead cat bounce from three-week lows of $2,644 in Asian trading on Thursday, as the dust settles in the aftermath of a massive sell-off, fuelled by Republican candidate Donald Trump\u2019s victory in the US presidential race.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Gold price stays defensive, awaiting the Fed verdict<\/strong><\/h2>\n\n\n\n<p>The&nbsp;US Dollar&nbsp;(USD) has entered a bullish consolidation phase after rallying to its highest level in four months against its major rivals, capitalizing on the return of Trump trades. Trump&#8217;s policies on immigration, tax cuts and tariffs are expected to put upward pressure on inflation, Wall Street stocls, US Treasury bond yields and the USD.<\/p>\n\n\n\n<p>These expectations from the Trump administration and their likely implications on the economy spelt doom for the non-yielding Gold price, smashing it about $100 from the static resistance of $2,750.<\/p>\n\n\n\n<p>Attention now turns toward the US Federal Reserve (Fed) policy announcements due later this Thursday. Markets are fully pricing in a 25 basis points (bps) Fed rate cut&nbsp;this week&nbsp;but investors will closely scrutinize any hints on the central bank\u2019s path forward on interest&nbsp;rates.<\/p>\n\n\n\n<p>Donald Trump\u2019s return to the White House could prompt the Fed to slow down on its easy cycle, as his expansionary fiscal policies are seen as highly inflationary.<\/p>\n\n\n\n<p>Fed Chair&nbsp;Jerome Powell&nbsp;is expected to affirm the US central bank\u2019s independence and that they will act as the economic and inflation&nbsp;outlook&nbsp;unfolds. Powell is likely to acknowledge the recent slack in the labor market and the progress on disinflation, reiterating that the Fed will remain \u2018data-dependent\u2019 while determining the next policy move.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-red-color has-text-color has-small-font-size\"><strong>\u0e01\u0e32\u0e23\u0e27\u0e34\u0e40\u0e04\u0e23\u0e32\u0e30\u0e2b\u0e4c\u0e17\u0e32\u0e07\u0e40\u0e17\u0e04\u0e19\u0e34\u0e04\u0e23\u0e32\u0e04\u0e32\u0e17\u0e2d\u0e07\u0e04\u0e33: \u0e01\u0e23\u0e32\u0e1f\u0e23\u0e32\u0e22\u0e27\u0e31\u0e19<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/XAU_USD-638665464997338513.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1592\" height=\"625\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2024\/11\/image-24.png\" alt=\"\" class=\"wp-image-22353\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-24.png 1592w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-24-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-24-1024x402.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-24-768x302.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-24-1536x603.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-24-18x7.png 18w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/a><\/figure>\n\n\n\n<p>As observed on the daily chart, Gold price cracked all the major Fibonacci Retracement (Fibo) support levels amid the Trump trades-induced sell-off on Wednesday.<\/p>\n\n\n\n<p>The 14-day Relative Strength Index (RSI) also pierced through the midline to dive into bearish territory, currently trending near 43.<\/p>\n\n\n\n<p>The leading indicator suggests that more downside remains in the offing. However, a temporary pullback following the previous slump cannot be ruled out.<\/p>\n\n\n\n<p>A dovish message by the Fed could rescue Gold buyers so long as they defend the critical support at $2,641, which is the confluence of the 50-day Simple Moving Average (SMA) and the 78.6% Fibo level of the latest record rally from the October 10 low of $2,604 to the new all-time high of $2,790.<\/p>\n\n\n\n<p>Gold buyers will then aim for acceptance above the 61.8% Fibo support-turned-resistance at $2,673. Further up, a strong topside barrier near $2,700 will be tested, where the 50% Fibo of the same ascent level aligns. &nbsp;<\/p>\n\n\n\n<p>If the Fed signals a slower pace of easing in the coming months,&nbsp;Gold&nbsp;price could see a sustained break below the abovementioned healthy support at $2,641.<\/p>\n\n\n\n<p>A fresh downtrend will unleash toward the October 10 low of $2,604, below which the $2,550 psychological level will challenge the bullish commitments.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Gold price is seeing a dead cat bounce from three-week lows of $2,644 in Asian trading on Thursday, as the dust settles in the aftermath of a massive sell-off, fuelled by Republican candidate Donald Trump\u2019s victory in the US presidential race. Gold price stays defensive, awaiting the Fed verdict The&nbsp;US Dollar&nbsp;(USD) has entered a bullish &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-will-fed-chair-powell-rescue-xau-usd-20241107\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Price Forecast: Will Fed Chair Powell rescue XAU\/USD?&#8221;<\/span><\/a><\/p>","protected":false},"author":5,"featured_media":17233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-22350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-commentary"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/comments?post=22350"}],"version-history":[{"count":3,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22350\/revisions"}],"predecessor-version":[{"id":22355,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22350\/revisions\/22355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media\/17233"}],"wp:attachment":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media?parent=22350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=22350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=22350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}