{"id":22403,"date":"2024-11-14T05:44:16","date_gmt":"2024-11-14T05:44:16","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=22403"},"modified":"2024-11-14T05:44:16","modified_gmt":"2024-11-14T05:44:16","slug":"gold-price-forecast-xau-usd-downside-appears-unabated-with-eyes-on-fed-chair-powell","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-xau-usd-downside-appears-unabated-with-eyes-on-fed-chair-powell-20241114\/","title":{"rendered":"Gold Price Forecast: XAU\/USD downside appears unabated, with eyes on Fed Chair Powell"},"content":{"rendered":"<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>Gold sellers refuse to give up, awaiting Fed Chair Jerome Powell\u2019s speech. \u00a0\u00a0<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong><strong><strong><strong>The US Dollar and Treasury yields keep rallying on Trump trades euphoria.<\/strong><\/strong><\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>Defending 100-day SMA near $2,545 is critical for Gold buyers as the daily RSI stays bearish.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Gold price is sitting at its lowest level in two months near $2,560 early Thursday, as buyers eagerly await US Federal Reserve (Fed) Jerome Powell\u2019s speech for a brief respite.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Will Fed Chair Powell rescue Gold buyers?<\/h2>\n\n\n\n<p>Gold price extends its losing streak into a fifth consecutive day on Thursday, courtesy of the unabated\u00a0US Dollar\u00a0(USD) demand alongside the US Treasury bond yields rally.<\/p>\n\n\n\n<p>The Trump trades-led europhoria continues to power USD buyers, notwithstanding the in-line with expectations US\u00a0Consumer Price Index\u00a0(CPI) data for October and a slew of speeches from Fed policymakers.<\/p>\n\n\n\n<p>US CPI rose 2.6% annually in October, coming in higher than the 2.4% growth in September while meeting the forecast. The annual core CPI inflation steadied at 3.3% in the same period vs. 3.3% expected. Monthly figures also matched estimates.<\/p>\n\n\n\n<p>Meanwhile, Fed officials remain wary of the inflation&nbsp;<a href=\"https:\/\/www.fxstreet.com\/rates-charts\/forecast\">outlook<\/a>, suggesting a cautious approach for the US central bank in the coming months.<\/p>\n\n\n\n<p>However, the US inflation data and the Fed commentary advocated that the Fed should go for another 25 basis points (bps) interest rate cut in December. In fact, the market\u2019s pricing for such a move next month now stands at about 83%, the CME Group\u2019s FedWatch Tool shows, compared with around 63% seen prior to the data release.<\/p>\n\n\n\n<p>Gold buyers fail to capitalize on dovish Fed expectations, as the Trump trades-inspired USD upsurge outweighs, exacerbating the pain in the bright metal.<\/p>\n\n\n\n<p>Therefore, Fed Chair Jerome Powell\u2019s speech on \u2018Global Perspectives\u2019 at an event hosted by the\u00a0Federal Reserve Bank\u00a0of Dallas later on Thursday remains in focus for fresh hints on the central bank\u2019s easing trajectory in the face of the US President-elect Donald Trump\u2019s potential inflationary policies.<\/p>\n\n\n\n<p>Also, the focus remains on the US Producer Price Index (PPI) and Jobless Claims data, while more Fed officials are likely to take up the rostrum as attention likely returns to economic data.<\/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-638671504178572491.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-54.png\" alt=\"\" class=\"wp-image-22411\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-54.png 1592w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-54-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-54-1024x402.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-54-768x302.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-54-1536x603.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-54-18x7.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 gave up the $2,600 level on a daily closing basis on Wednesday, opening the door for more downside.<\/p>\n\n\n\n<p>Adding credence to the bearish potential, the 14-day Relative Strength Index (RSI) points lower while well below the 50 level, approaching the oversold territory.<\/p>\n\n\n\n<p>The immediate support is seen at the confluence of the 100-day Simple Moving Average (SMA) and the September 18 low near $2,545.<\/p>\n\n\n\n<p>A sustained break below the last will initiate a fresh downtrend toward the $2,500 threshold, with the next bearish target seen at the September 4 low of $2,472.<\/p>\n\n\n\n<p>If Gold price attempts a rebound, &nbsp;the $2,600 mark will challenge the bearish commitments. Acceptance above that level will extend the recovery toward the November 13 low of $2,619.<\/p>\n\n\n\n<p>Further up, the 50-day SMA at $2,651 will offer stiff resistance to\u00a0Gold\u00a0buyers.<\/p>","protected":false},"excerpt":{"rendered":"<p>Gold price is sitting at its lowest level in two months near $2,560 early Thursday, as buyers eagerly await US Federal Reserve (Fed) Jerome Powell\u2019s speech for a brief respite. Will Fed Chair Powell rescue Gold buyers? Gold price extends its losing streak into a fifth consecutive day on Thursday, courtesy of the unabated\u00a0US Dollar\u00a0(USD) &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-xau-usd-downside-appears-unabated-with-eyes-on-fed-chair-powell-20241114\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Price Forecast: XAU\/USD downside appears unabated, with eyes on Fed Chair Powell&#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-22403","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\/22403","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=22403"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22403\/revisions"}],"predecessor-version":[{"id":22412,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22403\/revisions\/22412"}],"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=22403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=22403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=22403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}